Sunday, May 20, 2012
(This story was originally published Thursday)
CAIRO (Zawya Dow Jones)--Orascom Construction Industries (OCIC.CI), Egypt's biggest company by market value, said Thursday that shareholders have approved the demerger of its construction and fertilizer businesses.
Holders representing 84.48% of the company's total outstanding shares participated in the extraordinary general meeting held this week to get approval for the demerger, OCI said.
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, the company had said earlier this month.
-By Farah Halime; Contributing to Dow Jones Newswires; +20111 4994453
Fhalime@gmail.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
20-05-12 0346GMT
