Orascom Cons. Inds. - OCI Files with EFSA to Approve EGM Notice

Cairo, Egypt / 1 February, 2012 9:30 AM

OCI Files with the Egyptian Financial Supervisory Authority (EFSA) to Approve EGM Notice for Demerger

Orascom Construction Industries (OCI (KSE: 010060.KS - news) ) announced today that it has submitted a formal request to the Egyptian Financial Supervisory Authority (EFSA) on 29 January, 2012 for approval to call for an Extraordinary General Meeting (EGM) to obtain shareholder approval for the demerger of the company's construction business from its fertilizer business. Based on consultations with regulatory authorities, the Company has decided to defer its transformation into a Law 95 Holding Company as announced on 5 September, 2011, in order to complete the demerger process and the listing of the demerged construction company as per their existing form, pursuant to EFSA's and the General Authority for Investments and Free Zones' (GAFI) approval.

Upon approval of EFSA of the EGM notice, OCI shall call for an EGM and circulate all the information required for shareholders to vote on the demerger. Upon the demerger becoming effective following the approval by GAFI and EFSA, OCI will continue to be listed on the Egyptian Stock Exchange (EGX) and its Global Depository Receipts (GDRs) will continue to be listed and traded on the London Stock Exchange (LSE: LSE.L - news) (LSE). The demerged company for the construction business will be listed on the EGX and its GDRs are expected to be simultaneously listed on the LSE.

About Orascom Construction Industries

OCI is one of Egypt's largest corporations employing more than 84,000 people in 35 countries around the globe. The OCI Fertilizer Group owns and operates nitrogen fertilizer plants in Egypt, the Netherlands, the United States, and Algeria and has an international distribution platform spanning from the Americas to Asia. The OCI Fertilizer Group ranks among the world's top fertilizer producers with a production capacity which will exceed 7.0 million metric tonnes in 2012. The OCI Construction Group provides international engineering and construction services primarily on infrastructure, industrial and high-end commercial projects in Europe (Chicago Options: ^REURUSD - news) , the Middle East and North Africa for public and private clients. The OCI Construction Group ranks among the world's top global contractors.