OCI Demerger Plan Approved

Egyptian investment authority GAFI has approved the method Orascom Construction plans to use to value its business lines before splitting them into two companies, Orascom said on Monday.

It said it would now file documents to the Egyptian Financial Services Authority to issue shares in its fertiliser arm, the business being separated from its construction activities.

“The remaining regulatory requirements to complete the demerger are procedural in nature and are expected to be complete during the fourth quarter,” it said.

Reuters