SOURCE: Orascom Construction Industries

April 07, 2005 05:10 ET

Orascom Construction Industries - Appointment of New CFO

Cairo -- (MARKET WIRE) -- April 7, 2005 --Nile City Towers - South Tower

Corniche El Nil

Cairo - Egypt

Phone 20-2-461-1111

Fax 20-2-461-9400


OCI Appoints New Group Chief Financial Officer

Cairo, Egypt - 6 April 2005: Orascom Construction Industries (stock symbols: OCIC.CA / ORCI EY / OCICq.L / ORSD LI) Chief Executive Officer, Nassef Sawiris announced today the appointment of Salman Butt to the role of Group Chief Financial Officer. Mr. Butt began functioning in his role starting 1 April 2005. Mr. Sawiris commented "The decision to appoint Salman is an important step in cementing our new international identity by deepening our key Group management resources. We are pleased to make such an appointment that brings a wealth of knowledge and experience to OCI." Salman K. Butt is an international banker with 20 years of banking experience in Saudi Arabia, Egypt, UK, Hong Kong and Pakistan.

Since 2003, Mr. Butt has been the head of investment banking at Samba Financial Group, based in Riyadh, Saudi Arabia. Samba Financial Group is a leading bank in the Middle East with assets of more than US $ 25 billion and 2004 net income of US $ 666 million.

Prior to that, Mr. Butt spent 18 years with Citibank in various international assignments in Egypt, UK, Hong Kong and Pakistan. From 1997-2003, Mr. Butt was head of corporate finance for Citibank in North Africa, based out of Cairo, Egypt. From 1995 to 1997, Mr. Butt was head of equities origination for Citibank for Eastern Europe/Middle East region based out of London, UK. Prior to that, Mr Butt was a director at Citicorp International Limited, Hong Kong. Mr. Butt has also been involved in corporate banking at Citibank, Pakistan.

Mr. Butt has a Masters Degree in Business Administration from the University of Texas at Austin, USA and a B.Sc. high honours degree in Industrial Engineering from the Middle East Technical University, Ankara, Turkey.

For Details, Contact:

Hassan H. Badrawi

Investor Relations Manager

Phone: 20-2-461-1039

Fax: 20-2461-9409


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