OCI Says Receiving Dues Paid On Stream Boilers Takeover Is ‘Must’
Orascom Construction Industries – OCI – (OCIC.CA) confirmed on Wednesday its full readiness for cooperation with the government to implement the Supreme Administrative Court’s rullng made on December 17th that nullified the sale contract of El Nasr Stream Boilers.
The firm further stressed its willingness to to carry out the ruling and return ownership of the company to the state, after OCI obtains all the dues it paid in return for the acquisition deal.
Omar Derwaza – Head of Investor Relations at Orascom Construction Industries – said OCI must first receive all the dues paid to implement the takeover deal on El Nasr Stream Boilers Co., before bringing the court’s invalidity ruling into effect and returning the ownership to the state.
Derwaza added that OCI is following up the updates in regard to receiving the dues within the coming period.
Moreover, he further noted that El Nasr Stream Boilers does not in fact contribute to the OCI’s top line.
Earlier on Wednesday, the Egyptian Exchange management decided to halt trading on OCI’s stock as of the day’s session till receiving a reply to its inquiries about the ruling of the Supreme Administrative Court to nullify the sale contract of El Nasr Steam Boilers Company.
On Tuesday, the country’s Supreme Administrative Court has uphold the previous ruling of the Lower Administrative Court on the invalidation of the sales contract confirming the company’s full ownership to the state.
The Supreme Administrative Court also stated that a state of law is required to protect public and private money and property, they should not be wasted or used for any aim but to achieve public interest.
