- Shareholders approve a EGP 2 cash dividend in the Annual General Meeting.
- OCI receives subscriptions for 99.3% of rights issue shares.
Cairo, Egypt - Orascom Construction Industries announced that shareholders at the Annual General Meeting (AGM) held on 4 May 2006 approved the Board of Directors' resolution to distribute a EGP 2 per ordinary share cash dividend based on 2005 results totaling LE 404 million to shareholders, a 136% increase over last year. Dividend distribution will take place following completion of all relevant regulatory approvals. Shareholders at the meeting also approved all the proposed resolutions including the Board of Directors' report, the auditor's report for OCI's unconsolidated financial statements and the unconsolidated financial statements for 2005.
The cash dividend distribution will include all the newly issued shares resulting from the capital increase. OCI recently conducted a rights issue-based capital increase offering a total of EGP 2.3 billion worth of new shares at the price of EGP 201 per share. A total of 11.42 million shares representing 99.3% of offered shares were subscribed by the close of subscription. Regulatory approvals are currently underway to register the new shares. The proceeds of the rights issue will finance new investments in core businesses in several key emerging markets including Egypt, Algeria and Turkey. OCI Chief Executive Officer, Nassef Sawiris commented "we are pleased with the subscription results which reflect our shareholders' confidence in the Company's growth story and investment strategy."
-Ends-
Orascom Construction Industries
Orascom Construction Industries (OCI) is a leading cement producer and construction contractor active in emerging markets. As a cement producer, we own and operate cement plants in Egypt, Algeria and Turkey which have a combined annual production capacity of 14 million tons. Our new investments in Egypt, Pakistan, northern Iraq, Nigeria, Algeria, the United Arab Emirates and Spain will increase our annual production capacity to 30 million tons by 2007. As a contractor, we provide engineering procurement and construction services on industrial, commercial and infrastructure projects for private and public customers principally in the Middle East, Africa and Central Asia. For additional information on OCI: www.orascomci.com
For more information please contact:
Hassan H. Badrawi
Investor Relations Director
Tel: +202 461 1039/1036
Email: hassan.badrawi@orascomci.com
Orascom Construction Industries (OCI)
Nile City Towers - South Tower
2005A Corniche El Nil, Cairo, Egypt
Tel: +202 461 1111
Fax: +202 461 9400
© Press Release 2006
