Orascom Construction Shareholders Agree GDRs Exchange

Orascom

VENTURES AFRICA – Orascom Construction Industries (OCI) N.V. today announced that shareholders had agreed to exchange Global Depositary Receipts (GDRs) for OCI shares.

The Egyptian company announced that as of January 31 – the date of the latest filings – stakeholders owning a total of 149,036,822 shares representing 93.3 percent of the OCI’s regulation S GDRs – and 72 percent of the total outstanding shares – had agreed to the exchange.

Among the shareholders affected are the Sawiris family and Abraaj Capital.

Trading of OCI N.V. shares on the NYSE Euronext in Amsterdam commenced on January 25.

The announcement comes shortly after the company revealed a related exchange, whereby the company hoped to collect all the outstanding GDRs of parent firm Orascom Construction Industries SAE in exchange for OCI NV shares.

OCI in January also revealed that it had plans to launch an American Depository Receipts programme on the New York Stock Exchange.