The ordinary general meeting of Orascom Construction Industries (OCI) approved on Monday, the fair value study for some of the group’s units, with the aim of restructuring OCI’s investments.
Independent financial advisor Al Ahlia Securities Consulting had set the fair price for net assets owned by National Steel Industries Co. a 97%-owned subsidiary of OCI, at EGP 466 million.
OCI’s board had approved the study conducted by the independent financial advisor as regards the fair values of two subsidiaries; Orascom Maintenance Fertilizer Plants and OCI Construction – Egypt.
The board also ratified the report of the company’s auditor Hazem Hassan.
The board had previously endorsed the study conducted by independent financial advisor on the fair values of the company’s subsidiaries; Alico Egypt, National Steel Fabrication, Scib Chemical, United Paints & Chemicals, United Holding, Oraeskulia for Building and Operating Wastewater Treatment Plant and Orasqualia for Operation and Maintenance.
The fair value study is aimed at restructuring the company’s investments.
The board also ratified the report submitted by the company’s auditor KPMG on the study prepared by the independent advisor.
OCI’s financial results for Q1 that ended on March 31, 2014 showed EGP 895.2 million net loss, against EGP 89 million net profit in the same period a year earlier.
FY13 consolidated loss had amounted to EGP 1.451 billion, compared with EGP 9.126 billion in FY12.