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OCI details rights issue

CAIRO: Orascom Construction Industries (OCI) said on Wednesday it was offering existing shareholders 11.5 million new shares at a price of LE 201 ($35.08) per share. The offer works out at about one share for every 16.57 existing shares and will bring the total number of OCI shares issued to 202.075 million. The company will …


CAIRO: Orascom Construction Industries (OCI) said on Wednesday it was offering existing shareholders 11.5 million new shares at a price of LE 201 ($35.08) per share.

The offer works out at about one share for every 16.57 existing shares and will bring the total number of OCI shares issued to 202.075 million. The company will use the capital increase to finance expansion in Egypt, Turkey, Algeria and other countries, it said in a statement. The price includes a nominal share value of LE 5 and LE 196 to be added to the company s reserves. The shares closed on the Egyptian stock exchange on Tuesday at LE 260.36. The offer applies to those who own shares at the close of trade on Feb. 16. It will be open from Feb. 22 to March 23. Reuters

Topics: FJP

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