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 This information is provided by RNS The company news service from the London Stock Exchange
Orascom Construction Industries announces Result of AGM/EGM March 15th
| Source: Orascom Construction Industries
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