OCI N.V.’s subsidiary, Orascom Construction Industries (OCI), announced today that it has been advised by OCI N.V. of its intention to formally proceed with filing all necessary documentation with the relevant Egyptian authorities to complete the Company’s tender offer for the ordinary shares of OCI listed on the Egyptian Stock Exchange (EGX).
Pursuant to Chapter XII of Egypt’s Capital Markets Law No. 95 of the year 1992, OCI N.V. will offer holders of OCI’s outstanding ordinary shares listed on the EGX the option to exchange their shares for OCI N.V. shares, or, at the election of the relevant holder, a cash alternative of EGP 255 per share.
The Company has signed extensions to the equity commitments made by participating US investors comprising Cascade Investment, L.L.C., Southeastern Asset Management, and Davis Selected Advisers to fund, subject to certain conditions, the cash alternative to shareholders.
OCI remains committed to announcing further details related to the offer in due course.