Orascom Construction Gets Consent For Shareholder Vote On Split

By Yomna Yasser On Apr 30, 2012

Orascom Construction Industries (OCI) (OCIC.CA) said on Monday Egyptian Financial Supervisory Authority (EFSA) had approved its request to call for a shareholders meeting to vote on a plan to split its construction and fertilisers businesses.

The company has set the vote for May 17.

Under the proposal, OCI would continue to own the fertilisers business, while a new company called Orascom Engineering & Construction would be formed to own its construction businesses.