The ordinary general meeting of Orascom Construction Industries (OCI) has ratified on Sunday a study conducted by independent financial advisor as regards determining the assets and liabilities of subsidiaries Suez Industrial Development and Orascom Construction, with an aim to restructure the group companies.
The structuring process will include transferring ownership of equities in OCI, amounting to 9 million shares, to OCI for Construction B.V., a subsidiary of 99%-owner OCI N.V. It will also include transferring 6.5 million shares owned in Suez Industrial Development to Orascom Construction.
According to the company’s filing, the equity transfer will be carried out within the parent company OCI N.V.
Shareholders also reshuffled the board and appointed Osama Anwar Beshay as Chairman and Managing Director. Nassef Onsi Sawiris was appointed a board member.