MANOCI completes acquisition of 96.04% of Socit Belge des btons shares on the Euronext Brussels exchange

Cairo, Egypt 14 June 2004: Orascom Construction Industries (stock symbols:OCIC.CA / ORCI EY / OCICq.L / ORSD LI) announced today that MANOCI, a 50:50 joint venture between OCI and 13 senior executives of the BESIX Group, has completed the acquisition of 96.04% of the total outstanding shares for Socit Belge des Btons (SBB). In April 2004, MANOCI completed agreements for the purchase of 52.4% of SBB shares through direct negotiations with principal shareholders. On 17 May 2004, MANOCI launched a public take-over bid for the remaining SBB shares at the same price offered to principal shareholders of EUR 47.6634 which implies a total purchase price of EUR 135 million. On 11 June 2004, MANOCI completed the acquisition of the majority of the remaining SBB shares on Euronext Brussels and thus effectively raised its stake in SBB to 96.04%. According to Belgian regulations, since over 95% of outstanding shares have been acquired, remaining minority shareholders are given a second compulsory offer at the same aforementioned acquisition price. This second offer will take place soon at a date that is yet to be determined.

Corresponding to the completion of the acquisition, the Board of Directors of SBB was changed last Friday to include representatives from OCI and BESIX group senior management in an ordinary general meeting for shareholders held on the same day. The new shareholders approved the resignation of Mr. Jean-Francois van Hecke from the post of Chief Executive Officer (CEO) of SBB and the appointment of Mr. Johan Beerlandt in his stead. Mr. Beerlandt will also remain as the CEO of BESIX group. Mr. Jean Stephenne, who has been a member of the Board of Directors since June 2001, has been elected as the new Chairman of SBB. Mr. Stephenne is also the Chairman and General Manager of GlaxoSmithKline Biologicals.

OCI Chief Executive Officer, Mr. Nassef Sawiris commented "this acquisition is immediately accretive for OCI shareholders and will allow for significant synergies between SBB and OCI in the near future. OCI will account for this new subsidiary using the proportionate consolidation method which shall have significant impact on our financial statements. We are confident that the SBB/BESIX management is capable of delivering strong results. We look forward to a constructive and productive partnership."

Societe Belge des Betons, established in 1909, is an industrial group of companies primarily active in the field of construction. The largest subsidiary, BESIX, is active in almost every type of construction work. In addition to activities in the European Union, the Group is also active in Central and Eastern Europe, Egypt, Libya, Central Africa and in the United Arab Emirates and Qatar through SIX CONSTRUCT. SBB recorded 2003 consolidated revenue of EUR 776 million with an EBITDA of EUR 57 million and a net income of EUR 14.3 million. SBB employs 10,000 personnel worldwide.

OCI focuses on three high growth business activities - construction services, cement manufacturing and infrastructure concessions. Our Construction Group provides engineering, procurement and construction services on industrial, commercial, infrastructure and railway projects for public and private customers in the Middle East and North Africa. Our Cement Group owns and operates cement production plants in Egypt and Algeria. Our Concessions Group participates as an equity investor in long-term infrastructure concessions including port operations, industrial parks and natural gas distribution systems.

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© Press Release 2005