OCI: No Retroactive Taxes Of Selling Units To Lafarge In 2007

Orascom Construction Industries (OCI) – (OCIC.CA) announced that it will not pay additional tax dues after selling one of its listed companies in the last period.

OCI sold in 2007 its entire stake in Orascom Building Materials Holding to French Lafarge at $ 12.9 billion.

OCI noted that the capital gains from selling its entire stakes in the EGX-listed Orascom Building Materials Holding to Lafarge are tax exempt.

It added, in a release sent to EGX that, reports published in some newspapers and websites about imposing taxes or fines on listed companies has no relation to such taxes or dues.

This comes after Egypt’s President Mohamed Morsi had alluded during his speech on the anniversary of October war victory that the state has dues of EGP 100 billion from 5 firms.