Provider: Wright Reports
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Oci NV Agrees to Payments in Settlement of Tax Claims in Egypt
Oci NV announced that its subsidiary Orascom Construction Industries (OCI S.A.E.) will pay the Egyptian Tax Authority (ETA) ten instalments during 2013 - 2017 totaling EGP 7.1 billion less EGP 182 million in existing tax credits to end a dispute regarding tax claims for the years 2007 to 2010. During that period, OCI S.A.E. divested its cement business through the sale of a listed subsidiary, Orascom Building Materials Holding (OBMH). The agreed amount is based on the originally disclosed tax claim by the ETA of EGP 4.7 billion including accrued interest and delay fees. The settlement amount was reached following months of challenging negotiations. In conjunction with this agreement, the ETA has determined that there was no tax evasion by the Company and is exonerating management and the Company from any wrongdoing related to the transaction. The payments shall start with an initial payment of EGP 2.5 billion in Q2 2013, EGP 900 million in December 2013, six equal instalments of EGP 450 million and two final instalments of EGP 500 million in 2017 totaling the agreed to EGP 7.1 billion. OCI N.V. will loan its subsidiary OCI S.A.E., the Egypt listed company, the necessary funds required for the tax settlement through intercompany loans to be coordinated and channeled into the country through the Central Bank of Egypt. With the settlement of the tax claim, OCI N.V. expects to proceed with its filing for the tender offer for the ordinary shares of OCI S.A.E.
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