Cairo, Egypt /
30 April 2009, 1:30 PM
OCI announces Results of AGM/EGM
In its Annual General assembly convened earlier today, the shareholders
of Orascom Construction Industries (OCI) approved all resolutions on
the meeting's agenda. Shareholders approved the auditor's and Board of
Directors' report on the standalone unconsolidated financial statements
(statutory financial statements) for 2008 along with
the proposed remuneration for non-executive directors during
2009. Shareholders also approved the appointment of Nassef Sawiris as
Chairman and CEO of the Company and Onsi Sawiris' appointment as a
member of the Board of Directors.
OCI also held an Extraordinary General Assembly (EGM) where
shareholders approved the following resolutions:
Resolution 1
Approved the resolution of the Board of Directors of the Company dated
March 15, 2009 regarding the proposed split of the Company's Global
Depository Receipts (GDRs) including the 144A and Reg S GDRs, to reduce
the ratio of ordinary shares to GDRs from the current ratio of 2:1 to
become 1:1 through a 100% GDR split.
Resolution 2
Approved the resolution of the Board of Directors of the Company dated
15 March 2009 regarding the reduction of the issued share capital of
the Company by cancelling all shares held in treasury. Total shares
held in treasury amounted to
7,852,253^(1). Consequently, Articles 6 & 7 of the Company's Bylaws
will be amended to reflect the aforementioned capital reduction.
The split will be effective May 7, 2009. To effect the above-mentioned
ratio change on the GDRs, The Bank of New York Mellon as Depositary
will execute a 100% stock distribution to the GDR holders of record as
follows:
- GDR Record Date: May 6, 2009
- Rate of Distribution: 100% (GDR holders will receive one (1)
additional GDR for every one (1) GDR held on record date)
- GDR Distribution Date: May 7, 2009
OCI will also implement a sponsored Level 1 American Depositary
Receipt (ADR) program which will enable OCI to have ADRs traded on the
US Over-the-Counter (OTC) market.
(1) This number of shares represents approximately 3.65% of the
total outstanding shares of the Company. The new number of
outstanding shares is 206,918,461
For additional information contact:
For additional information on OCI:
OCI Investor Relations Department: www.orascomci.com
Omar Darwazah OCI stock symbols: OCIC.CA /
Email: omar.darwazah@orascomci.com ORCIEY / OCICqL / ORSD
Erika Wakid Orascom Construction Industries
Email: erika.wakid@orascomci.com (OCI)
Nile City Towers - South Tower
Hassan Badrawi 2005A Corniche El Nil
Director Cairo, Egypt
Tel: +202 2461 1036/0727/0917
Fax: +202 2461 9409
This information is provided by RNS
The company news service from the London Stock Exchange
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