SOURCE: Orascom Construction Industries

March 17, 2008 03:02 ET

Orascom Construction Industries announces Result of AGM/EGM March 15th

Cairo--(Marketwire - March 17, 2008) -

NEWS RELEASE

OCI Announces Results of AGM/EGM

Cairo, Egypt - 16 March 2008: In a general assembly convened yesterday, shareholders of Orascom Construction Industries approved all resolutions on the meeting's agenda including the proposal to distribute a cash dividend equivalent to EGP 305 per share based on the results for the fiscal year ended 31 December 2007. Shareholders also approved the auditor's and Board of Directors' report on the standalone unconsolidated financial statements (statutory financial statements) for 2007 along with the future remuneration for independent directors during 2008.

The approved cash dividend will be paid out in US dollars. The dividend will be paid out over three separate installments:

The first two installments totaling the equivalent of EGP 300 per share will have a record date of 24 March 2008 and an ex-dividend date of 25 March. The third installment equivalent to EGP 5 per share is expected to have a record date of 15 April 2008.

The approved cash dividend represents a total cash payout of approximately US$11.2 billion based on the proceeds of the divestment of the Cement Group to French building materials conglomerate Lafarge S.A. The initial proposal for a cash dividend equivalent to EGP 300 per share was increased by the Board of Directors to reflect the incremental positive effect of the Euro / dollar exchange rate.

OCI also held yesterday an Extraordinary General Assembly (EGM) to approve the transaction with Abraaj Capital. Shareholders approved the following summarized resolutions:

Resolution 1

To approve the Subscription Agreement between OCI and Abraaj Capital

Resolution 2

To approve the resolution of the Board of Directors of the Company dated February 19, 2008 regarding the increase of the issued capital by issuing 12,774,877 ordinary nominal shares at a value of EGP 607.93 for each share, calculated on the basis of the average closing price of the Company's shares on CASE during the period 10 December, 2007 (the date of announcing the Lafarge transaction) until 21 February 2008 (the date of announcing the acquisition of Egyptian Fertilizers Company, SAE) plus a premium of 14% less EGP300 representing the proposed cash dividend distribution per share, which will not be available to the Subscriber.

Resolution 3

To approve the allocation of the increase of the issued capital in full to Abraaj Capital on total basis subscription price of US$ 715.5 million.

Resolution 4

To approve the waiver of the preemptive rights of the original shareholders to subscribe to the above capital increase, as per Article (18) of the Statutes of the Company, and allocate the capital increase in full to Abraaj Capital.

Resolution 5

To authorize the Board of Directors and empower the CEO, CFO and General Counsel to sign all related documents required to increase the capital, amend the Statutes of the Company and all other related procedures.

Details for the implementation of the capital increase will be announced following completion of regulatory approvals.

For additional information CONTACT:

OCI Investor Relations Department: investor.relations@orascomci.com

Hassan H. Badrawi
Tel: +202 2461 1039

Omar Darwazah
Tel: +202 2461 0727
Email: omar.darwazah@orascomci.com

Ahmed Sultan
Tel: +202 2461 0914
Email: ahmed.sultan@orascomci.com

For additional information on OCI: www.orascomci.com

Orascom Construction Industries (OCI)
Nile City Towers - South Tower
2005A Corniche El Nil, Cairo, Egypt
OCI stock symbols: OCIC.CA / ORCI EY / OCICqL / ORSD


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