Orascom Construction Gets Consent For Shareholder Vote On Split

Orascom Construction Industries (OCI) (OCIC.CA) said on Monday Egyptian Financial Supervisory Authority (EFSA) had approved its request to call for a shareholders meeting to vote on a plan to split its construction and fertilisers businesses.

The company has set the vote for May 17.

Under the proposal, OCI would continue to own the fertilisers business, while a new company called Orascom Engineering & Construction would be formed to own its construction businesses.