Orascom announces intention to raise capital

Orascom announces intention to raise capital
Published: 30 January 2006

Orascom Construction Industries announced that following an Extraordinary General Meeting (EGM) convened last Wednesday to successfully approve the increase of OCI’s authorized capital from EGP 2 billion to EGP 5 billion, the OCI Board of Directors has announced its intention to pursue an increase of the Company’s paid-in capital by conducting a rights issue for its existing shareholders. The Company’s Board will shortly announce the terms of such an offering following a final Board decision and relevant regulatory approvals. Mr. Sawiris commented "The Company is embarking on new growth-creative investment opportunities in its core business activities. A capital increase would bolster OCI’s ability to finance these strategic investments."