OCI N.V. Announces Closing of Re-opened Exchange Offer for Remaining OCI GDRs

OCI N.V. announced on Wednesday the closing of the re-opening of an exchange offer to acquire all of the outstanding Regulation S global depositary receipts (GDRs) of Orascom Construction Industries (OCI) in exchange for ordinary shares in OCI N.V. 
As of the latest filings on December 3, GDR holders holding a total of 921,845 GDRs have accepted the offer to exchange their GDRs for OCI N.V. shares. OCI N.V. now owns 99.32% of OCI and the total number of GDRs which remain outstanding is 112,345.
Settlement of any acceptances received on or prior to 12 noon (New York time) / 5 p.m. (London time) on 3 December 2013 will take place by 9 December 2013.

Termination of the deposit agreement will lead to reduced liquidity in and marketability of the GDRs. De-listing of the GDRs will reduce significantly the liquidity and marketability of any GDRs in respect of which the offer has not been accepted. Following receipt of notice of the termination of the deposit agreement, the depositary will give notice to the holders of the GDRs that cancellation of the facility will occur and such holders may then surrender their GDRs and request delivery of the OCI shares underlying their GDRs free of the usual cancellation fee, according to the company’s release.