Egypt’s FSA Seeks More Clarification On OCI Deal

Egypt’s financial regulator stated on Wednesday that the documentation and clarifications submitted by Orascom Construction Industries – OCI (OCIC.CA) in regard to the Dutch unit offer are not enough. Therefore, OCI shall call its shareholders for a further Extraordinary General Meeting (EGM).

Egyptian Financial Supervisory Authority (EFSA) has asked for additional documentation, disclosures and clarification pertaining to the announced Mandatory Tender Offer (MTO) by OCI N.V. on its ordinary shares. EFSA further asked OCI for convening another EGM so as to submit the necessary disclosures.

EFSA said OCI shall obtain approval on the EGM’s resolutions from minority shareholders.

Moreover, EFSA has informed the General Authority for Investment (GAFI) about the necessity of convening another shareholder meeting by OCI.

Egypt’s FSA has also addressed its remarks to the regional representative of Bank Of New York seeking to know more about the legal standards the OCI N.V.’s share exchange offer has come into effect.