OCI Announces Investment in The Gavilon Group
Orascom Construction Industries ("OCI") confirmed today its
participation in the acquisition of the ConAgra Trade Group (renamed
the Gavilon Group LLC, ("Gavilon")). OCI participated with a total
consideration of USUSD 340 million for an effective 20% equity stake in
the business.
Gavilon provides physical distribution, merchandising and trading
across basic inputs and outputs, including fertilizer products, grains,
feed ingredients and energy products. The Gavilon Group, LLC also
provides comprehensive logistical and risk-management services to
customers in the agriculture and energy markets including commodity
infrastructure for agricultural activities. The Group's fertilizer
trade activity is the largest independent importer of fertilizer into
the United States with 7.1 million tons of fertilizer products sold
during fiscal year 2007. (For more information on Gavilon, please visit
www.gavilon.com)
About OCI
Orascom Construction Industries (OCI) is a leading construction
contractor fertilizer producer active in emerging markets. Based
in Cairo, Egypt, OCI employs more than 50,000 people in over 20
countries.
As a contractor, we provide 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 the
Middle East and North Africa. We also invest in infrastructure PPPs and
concessions in the Middle East and North Africa.
As a fertilizer producer, OCI will have a total urea production
capacity of 2.65 mtpa and a total ammonia capacity of 1.5 mtpa by 2010.
At that time we will become a top 10 global nitrogen producer.
OCI currently owns 100% of Egyptian Fertilizers Company (EFC)
in Egypt, a controlling stake in Egypt Basic Industries Corporation
(EBIC) in Egypt, 51% of Sorfert Algerie in Algeria and 20% of Notore
Chemical Industries in Nigeria.
For additional information
contact:
OCI Investor Relations Department: For additional information on OCI:
Omar Darwazah Orascom Construction Industries
(OCI)
Email: omar.darwazah@orascomci.com Nile City Towers - South Tower
2005A Corniche El Nil
Cairo, Egypt
Ahmed Sultan
Email: ahmed.sultan@orascomci.com
Tel: +202 2461 1039/1036/0727/0914 www.orascomci.com
Fax: +202 2461 9409
OCI stock symbols: OCIC.CA / ORCI
EY / OCICqL / ORSD
This information is provided by RNS
The company news service from the London Stock Exchange
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