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OCI EGM to consider break-up Feb 15

OCI EGM to consider break-up Feb 15
Photo Credit: Arabianeye-Reuters

Egypt’s Orascom Construction Industries (OCI) said it will convene an extraordinary general meeting (EGM) on Sunday, February 15 to look into splitting into two companies.

The break-up is aimed at splitting OCI’s contracting and fertilizer businesses.

OCI said, in a press statement published Thursday that the EGM will also discuss amending article of incorporation No. 21.

Dutch OCI N.V., OCI’s parent had stated in 2014 that it started steps to split the company in order to list shares on Egypt and UAE markets during the first quarter of 2015.

Photo Credit: Arabianeye-Reuters