Orascom Construction Industries (OCI), Egypt’s biggest listed firm, said on Tuesday it has launched an American Depository Receipt (ADR) program to meet growing demand in the United States.
OCI, which is already listed in Cairo and London, launched its ADRs with one ADR representing one ordinary share to trade on the over-the-counter market with the Reuters Instrument Code (RIC).
The building and fertilizer giant said in a statement its launch does not coincide with a capital increase or an offering of new shares.
"We have chosen to establish a US over-the-counter traded DR program to meet the growing demand by US domiciled investors for a dollar-denominated security trading in their time zone," said Nassef Sawiris, OCI’s chief executive.
OCI posted a 22 percent rise in third-quarter net profit in November, on higher fertilizer prices and a pick-up in construction activity.
BNY Mellon is the depositary bank. It also established OCI’s global depository receipt program (GDR) in London.
