(Photo\Public Domain)
OCI NV announced that its subsidiary, Orascom Construction Industries (OCI) will comply with the Egyptian Financial Supervisory Authority’s (EFSA) request for additional documentation, disclosures and clarification pertaining to the announced mandatory tender offer (MTO) by OCI NV on its ordinary shares.
As per the EFSA request, OCI will host another extraordinary general meeting (EGM) to discuss additional disclosures related to the transaction and to subsequently obtain approval on the EGM’s resolutions from minority shareholders. Once minority shareholders approve these resolutions, the EGM result will be ratified and an updated MTO application will be formally filed with EFSA, according to a press release.
Details on the EGM and the shareholder proxy statement will be made available in due course.
The announcement came in response to statements made by Ashraf El-Sharqawy, EFSA’s chairman, who said that OCI did not provide the required information and disclosures pertaining to the offer.
El-Sharqawy told the Al Mal Gazette that EFSA’s letter to OCI included requests for data and documentation, in addition to on incorrect disclosures released by the company. El-Sharqawy, however, did not specify which of the disclosures were incorrect.
Meanwhile, OCI NV has announced the closing of the exchange offer for Global Depositary Receipts (GDR).
On 18 January, OCI NV launched an exchange offer to acquire all of OCI’s outstanding Regulation S GDRs of in exchange for ordinary shares in OCI NV.
Shareholders owning a total of 156,722,280 GDRs, that is to say 99.0% of OCI’s GDRs, and representing 75.7% of total shares outstanding, have accepted the offer to exchange their GDRs for OCI NV shares.
Trading of OCI NV shares on the NYSE Euronext in Amsterdam began on 25 January. OCI NV has confirmed that the offer is wholly unconditional.
The company stated that the offer has now closed and that settlement of any acceptances received on or prior to 12pm New York time, or 5 pm GMT, on 21 February, will take place on the 26th of the same month.
Holders of GDRs that did not tender in the offer are still entitled to surrender their GDRs to the depositary and receive delivery of the ordinary shares in OCI represented by their GDRs, according to the press release.
