Cairo, Egypt / September 18, 2008, 10:30 AM
OCI Announces Share Buy-back Program
Orascom Construction Industries (OCI) announced today that its Board of
Directors has approved the launch of a share buy-back program for up
to 10.7 million ordinary shares approximately representing 5% of
its total outstanding shares. Following completion of the buy-back
program, the treasury shares acquired will be retired within the
permitted time period as per the Capital Market Law and regulations of
the Egyptian Capital Markets Authority (CMA). . A formal notice has
been submitted to the CMA and the Egyptian Stock Exchange (ESE)
regarding the Company's intention to conduct this share
buyback program.
OCI Chief Executive Officer, Nassef Sawiris commented: "The aim of the
share buyback is to optimize OCI's capital structure and to increase
earnings per share. We believe that the Company is generating
significant cash flow from operations and has access to credit
sufficient to finance new investments for growth. The buyback will have
limited impact on our ability to pursue and execute new investment
opportunities. Our balance sheet has never been stronger. In addition
to returning significant capital to shareholders since the start of
2008, we have also invested approximately USUSD 2 billion in new
acquisitions and greenfield investments during the year."
For additional information contact:
For additional information on OCI:
OCI Investor Relations Department:
Hassan Badrawi Orascom Construction Industries
Director (OCI)
Nile City Towers - South Tower
2005A Corniche El Nil
Omar Darwazah Cairo, Egypt
Email: omar.darwazah@orascomci.com
www.orascomci.com
Ahmed Sultan
Email: ahmed.sultan@orascomci.com OCI stock symbols: OCIC.CA / ORCI
EY / OCICqL / ORSD
Tel: +202 2461 1039/1036/0727/0914
Fax: +202 2461 9409
This information is provided by RNS
The company news service from the London Stock Exchange
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