Orascom Construction Industries SAE Updates On Demerger Of Construction Group From Its Fertilizer Group
Orascom Construction Industries SAE announced that, as part of its application to demerge the Construction Group from its Fertilizer Group, the General Authority for Investment and Free Zones (GAFI) approved on September 9, 2012 OCI's proposed valuation methodology to split OCI's standalone assets and liabilities on a Book Value (BV) basis as at December 31, 2011. GAFI's approval of OCI's proposed valuation methodology represents a milestone regulatory step in the demerger process. Following GAFI's approval, OCI will file the necessary documentation with the Egyptian Financial Supervisory Authority (EFSA) for the reissuance of the demerging company's shares ("OCI Fertilizers") and the issuance of the Demerged Company's shares ("Orascom Engineering and Construction"). The remaining regulatory requirements to complete the demerger are procedural in nature and are expected to be complete during the fourth quarter. These include but are not limited to: The authentication and legalization of the demerger contract; The creation of the Demerged Company, Orascom Engineering and Construction; Registration and listing procedures for both companies on the relevant exchanges; The transfer of assets to Orascom Engineering and Construction.
Latest Developments for Orascom Construction Industries SAE
- MSCI and FTSE Announces Index Changes For Orascom Construction Industries SAE
- OCI N.V. Acquires 97.44% Of Orascom Construction Industries SAE
- Oci NV Receives Final Regulatory Approval to Launch Tender Offer for Orascom Construction Industries SAE
- OCI NV to Proceed with Filing Documentation to Complete Exchange Offer for Acquisition of Orascom Construction Industries SAE
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