Monday, Apr 30, 2012
DUBAI (Zawya Dow Jones)--Egypt's Orascom Construction Industries said Monday it has received approval from the country's regulator to call for a meeting of shareholders to vote on a plan to split its construction and fertilisers businesses.
The country's biggest publicly traded builder has set an extraordinary general meeting date for May 17 to get approval for the demerger, the company said in an emailed statement.
The fertilizer business will continue to be owned by OCI, but will be renamed OCI Fertilizers, while all of the construction business will be transferred to a new company called Orascom Engineering & Construction.
Nassef Sawiris will continue to serve as chairman and chief executive of OCI, as well as chairman of the demerged holding company for the construction business.
OCI shares closed trading Sunday at EGP255.10.
-By Farah Halime; Contributing to Dow Jones Newswires; +20111 4994453 Fhalime@gmail.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
30-04-12 0727GMT
