Orascom Construction Industries Terminates ADRs and GDRs Programs

OCI N.V.’s Egyptian subsidiary, Orascom Construction Industries S.A.E. (OCI S.A.E.), announced Monday that it will terminate its American Depositary Receipts (ADR) and Global Depositary Receipts (GDR) programs.

As a first step for such purposes, OCI S.A.E. has provided written notice to the Bank of New York Mellon, as Depositary, to terminate the deposit agreements relating to the ADRs and the GDRs (the Deposit Agreements), with such terminations to take effect at 5:00 pm (Eastern Time) on 24 November 2014 (with respect to the ADR agreement) and at 5:00 pm (GMT) on 23 January 2015 (with respect to the GDR agreement). Both ADR and GDR holders will have until 23 January 2015 to decide whether they would like to receive the OCI S.A.E. shares underlying their ADRs or GDRs or the net proceeds of the sale of those shares by the Depositary, according to the company’s statement.

The Depositary will contact ADR and GDR holders in due course with additional information on this process, including those necessary and proper actions to be executed.

OCI’s non-consolidated financial results for the three-month period that ended on March 31, 2014 had shown EGP 895.2 million net loss, against EGP 89 million net profit in the same period a year earlier.