OCI Shareholders Approve OCI N.V. Offer

By Yomna Yasser On Feb 13, 2013

Orascom Construction Industries (OCI) (OCIC.CA) announced the results of its Ordinary and Extraordinary General Meetings were convened earlier on Wednesday Feb 13^th, 2013. Shareholders approved with 99.99% voting favorably the offer submitted by the Dutch Unit OCI N.V. to seize 100% of the company’s local shares listed in the Egyptian Exchange (EGX) after previously controlling the OCI’s GDRs.

A total of 83.07% of OCI’s shareholders were represented at the meetings approving all resolutions for both the ordinary and extraordinary general meetings with eligible to vote of 99.99% voting favorably and 100 shares voting against.

During the shareholders meetings, the number of shares excluded reached 158.902.203 (ordinary meeting) and 157.752.778 (extraordinary meeting), respectively representing the majority stake in OCI’s capital and including in Sawiris family, The Abraaj Group (Abraaj) and the GDRs holders who have agreed to swap.