The shareholders of the Cairo-based Orascom Construction Industries (OCI) approved an Extraordinary General Meeting (EGM) held this week an increase of the company’s issued capital from 86.625 million Egyptian Pounds ($18.64 million) to EP 952.87 million.
The capital increase will be effected by reducing the general reserve by EP77.125 million and retained earnings by EP9.5 million, issuing one free share at nominal value for every ten shares held by shareholders before the distribution date.
Distribution of the free shares will be done following all the necessary regulatory approvals.
Earlier this year, at an EGM held April 11, 2002, shareholders approved a EP41.25 million increase in issued capital from EP825 million to EP866.25 million, issuing one free share for every 20 shares held by shareholders.
Distribution of these free shares will take place on Tuesday, October 15, 2002 through Misr Clearing, Settlement and Central Depository.
OCI’s business activities included construction, building materials manufacturing and infrastructure development. The Construction Group provides engineering, procurement and construction services on industrial, commercial, infrastructure and railway projects. The Building Materials Group invests in manufacturers of basic and specialized products for contractors and industrial users, such as cement and paints. The Infrastructure Group invests in long-term infrastructure concessions including industrial parks, natural gas distribution systems, and port operations. — (menareport.com)
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