Egypt’s Orascom Construction Industries (OCI) held its extraordinary general assembly today, which approved the company’s second issuance of non-convertible bonds to the value of LE300 million.
The EGA also approved the delegation of responsibility to the board of directors for setting bond terms and the date of issuance. The board of directors announced that the proceeds of the issuance would be used to ensure a better match between the company’s long-term assets and long-term liabilities, as well as to support any potential expansion plans.
It is worth noting that OCI previously issued a LE280 million bond, which is due to mature in 2006.
Prime Securities S.A.E.
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