Cairo -- (MARKET WIRE) -- March 28, 2007 --
NEWS RELEASE
OCI Commences Tender Call for Baticim Cimento
OCI will launch the voluntary tender offer call on 29 March 2007 for 100 % of
Baticim A and B class shares. The offer price per each B class share has been
increased to YTL 12.25 and the price per each A class share has been increased
to YTL 2,000
Cairo, Egypt - 28 March 2007: OCI Cimento Anonim Sirketi, a wholly owned
subsidiary of Orascom Construction Industries (OCI), will launch the voluntary
tender offer call for all outstanding A and B class shares in Bati Anadolu
Cimento Sanayii Anonim Sirketi ("Baticim" or the "Company") that OCI does not
currently own on 29 March 2007 at 09:00. The voluntary tender offer will
continue until 17:00 on 12 April 2007.
The offer price per each B class share is YTL 12.25, which represents a premium
of:
- 45 % to the average share price for the last 1 month ending 22
February 2007, one day prior to the filing of the CMB application
- 49 % to the average share price for the last 2 months ending 22
February 2007, one day prior to the filing of the CMB application; and
- 55 % to the average share price for the last 1 year ending 22 February
2007, one day prior to the filing of the CMB application.
The offer price for each A class share is YTL 2,000, reflecting the premium
associated with the preferred management, voting and dividend rights of this
class of shares. The offer price for each of the A and B class shares implies a
total equity value of YTL 884.3 million which is equivalent to US$ 641.2 million
based on the current exchange rate of YTL 1.3792 to the US dollar.
Orascom Construction Industries CEO Nassef Sawiris commented: "We hope that the
Company's shareholders will respond positively to the tender offer price which
reflects a significant premium over the historical share price. The share price
has recently witnessed a rebound as a direct result of OCI's interest in the
Company. OCI is committed to investing in Turkey, to expand existing operations
and to transfer its best practices to its subsidiaries. As a listed company,
OCI understands the potential concerns of minority shareholders and has thus
voluntarily extended its offer to all shareholders of the Company. We look
forward to the successful conclusion of the process."
Baticim is a publicly listed company on the Istanbul Stock Exchange. Based in
Izmir, the company owns and operates an integrated cement plant in Izmir with a
total annual cement capacity of 1.8 million tons in addition to some ready-mix
concrete operations. Baticim also owns 74.6% of Bati Soke Cimento Sanayii
Anonim Sirketi ("Batisoke") which owns and operates an integrated cement plant
near Izmir with a total annual cement capacity of 1.2 million tons. Baticim
reported unaudited consolidated revenue of YTL325.9 million (US$227.7 million)
and net income of YTL87.6 million (US$61.2 million) for the twelve-month period
ended 31 December 2006.
Ak Yatirim is acting as the broker for the transaction. Shareholders who want to
sell their shares during the voluntary tender offer, can be assisted in
Akyatirim Center, or the assigned Akbank TAS branches, Akbank Izmir Merkez,
Akbank Izmir Konak, Akbank Izmir Karsiyaka Carsi, Akbank Izmir Bornova, Akbank
Ankara Merkez branches; and for Group B shares only in Akbank Istanbul/Kadikoy,
Akbank Istanbul/Bakirkoy, Akbank Aydin/Soke and Akbank'in City Center Branches.
Shareholders can obtain further information on the tender offer at the website
www.orascomcagri.com or contact the following telephone numbers: 0212 334 9513 /
0212 334 9526
About Orascom Construction Industries and OCI Cimento:
Orascom Construction Industries (OCI) is a leading cement producer and
construction contractor active in emerging markets and Europe. OCI employs more
than 40,000 people in over 20 countries. OCI is listed on the Cairo &
Alexandria Stock Exchanges and on the London Stock Exchange through a Global
Depository Receipts (GDR) program with a market capitalization approaching US$
10 billion.
As a cement producer, OCI owns and operates cement plants in Egypt, Algeria,
Turkey, Pakistan, northern Iraq and Spain, which have a combined annual
production capacity of 21 million tons. New investments in Northern Iraq,
Nigeria, Algeria, the United Arab Emirates and Saudi Arabia will increase the
Group's annual production capacity to 36million tons. The OCI Cement Group
exports primarily from Egypt to customers in more than 30 countries including
the USA, Europe, Africa and the Middle East. OCI also produces and distributes
aggregates and ready-mix concrete in Spain, Egypt and Algeria. OCI also
manufactures cement bags in Egypt and Algeria.
As a contractor, OCI provides engineering procurement and construction services
on large, complex and demanding industrial, commercial, water/sewage,
transportation, telecommunications, maritime, tourism and railway projects for
private and public customers principally in Europe, Middle East, Africa and
Central Asia. The Construction Group is active in over 100 projects in more
than 20 countries.
OCI also has investments in natural gas industries, including fertilizers, and
in infrastructure concessions including a port operator and an industrial park
developer.
OCI completed the acquisition of the Van cement assets, located in Eastern
Turkey near the City of Van, in early 2006. A new wholly owned subsidiary was
formed under the name of OCI Cimento Anonim Sirketi to own and operate the
acquired cement plant, which is currently undergoing an upgrade to reach an
annual integrated cement capacity of 0.5 million tons and a total clinker
grinding capacity of 1 million tons per year.
Akyatirim Center and the assigned Akbank TAS branches responsible for receiving
selling shareholders:
Akyatirim Merkez (Istanbul) Inonu Cad. 0212 334 9676 0212 334 9494
(for A and B shares) No : 80 34437
Gumussuyu Taksim
Akbank Izmir Merkez Cumhuriyet Bulvari 0232 441 5214 0232 446 8902
(for A and B shares) No:33/A 35210
Konak
Akbank Izmir Konak Mithatpasa Cad. 0232 483 5308 0232 441 5664
(for A and B shares) No:3 35251
Konak
Akbank Izmir Karsiyaka Carsi 1717. Sk. 0232 323 2458 0232 381 2479
(for A and B shares) No:138 35600
Karsiyaka
Akbank Izmir Bornova Kazim Karabekir Cad. 0232 339 3492 0232 343 6511
(for A and B shares) No:3/A-B 35041
Bornova
Akbank Ankara Merkez Bankalar Cad. 0312 324 5741 0312 306 2600
(for A and B shares) No:5/B 06041
Ulus
Akbank Istanbul/Kadikoy Sogutlucesme Cad. 0216 346 3303 0216 348 7000
(only for B shares) No.15-17 81320
Kadikoy
Akbank Istanbul/Bakirkoy Istasyon Cad. 0212 572 8020 0212 572 5464
(only for B shares) No:9/11 34740
Bakirkoy
Akbank Aydin/Soke Istasyon Cad. 0256 518 4393 0256 518 1592
(only for B shares) No:6 09200
Soke
Akbank's City Center Branches Akbank in city
(only for B shares) center branches
CONTACT:
Hassan H. Badrawi
Investor Relations Director
Tel : +202 2461 1039/1036
Fax : +202 2461 9409
Email: hassan.badrawi@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
Tel: +202 2461 1111, Fax: +202 2461 9400,
OCI stock symbols: OCIC.CA / ORCI EY / OCICqL / ORSD LI
This information is provided by RNS
The company news service from the London Stock Exchange