OCI Says Additional Documentation Submitted Upon EFSA’s Request On Demerger Plan

Orascom Construction Industries (OCI) (OCIC.CA) announced on Sunday that it has submitted additional documentation requested by Egypt’s financial regulator – the Egyptian Financial Supervisory Authority (EFSA) with regards to the company’s planned demerger of its construction business from its fertilizer business.

The required documentation seeks to meet EFSA’s request to issue shares for the both the demerging and demerged companies simultaneously.

The Group added in its statement that the EFSA’s request for documentation is a follow-up to OCI’s request to issue new shares for the demerging company following its capital reduction. OCI continues to comply with any legal requests, submits additional documentation promptly and addresses any clarifications that EFSA may require in this matter.

To-date, OCI has submitted all supporting documentation to EFSA pertaining to the demerger.

On Thursday, EFSA has requested OCI to complete all the legal documentation and clarifications on the splitting of the group’s construction and fertilizer operations.