Sawiris Family, Abraaj Capital To Abstain From Voting In OCI’s Coming AGM
Orascom Construction Industries (OCIC.CA) confirmed on Monday that Sawiris Family and Abraaj Capital, the main shareholders of OCI will abstain from voting in the coming annual general meeting (AGM) which will be held to discuss tender offer submitted by the Dutch unit OCI NV.
OCI further said voting will be limited to minor shareholders as Egyptian Financial Supervisory Authority (EFSA) requested and pursuant to the rules mentioned in the Executive Regulations – Chapter 12th of Capital Market Law Chapter 12th of the Capital Market Act.
The company will disclose all documents required by the EFSA in the tender offer.
On January 21st, EFSA stated that, OCI NV submitted neither requests nor documents to obtain its approval over this acquisition, adding that the bid announced previously did not include all company’s shares but was limited to disclosure of GDRS swap with OCINV shares.
EFSA added that, it did not receive OCINV share valuation as it is recently established.
Later on January 28th, OCI said it will be holding its annual general meeting on Wednesday February 13th, 2013 to look into approving the share exchange offer launched by its Dutch unit OCI N.V.
The meeting will also discuss the cushion investment agreement with parties associated with OCI board members, the Sawiris family representatives and Abraj Capital Group in order to increase the capital of OCI N.V.
During the meeting, the company will detail to shareholders the exchange offers and cash alternative offered to shareholders of OCI made by OCI N.V. and the offer’s impact on shareholders and the impact of the offer on its GDRs. The company will also discuss the progress of the ongoing demerger of the construction business and the fertilizer business after the offer.
