OCI raises stake in Pakistan subsidiary

OCI raises stake in Pakistan subsidiary
Published: 21 July 2005

Orascom Construction Industries said it has received approval from both the Securities & Exchange Commission of Pakistan and its shareholders to convert US$19.2m in debt it purchased earlier in the year into equity.  Effectively, the conversion will raise OCI’s stake in Pakistan Cement Company from 52.5 per cent to 60.6 per cent.   OCI chief executive Nassef Sawiris said: ’We believe strong growth opportunities lie ahead in the Pakistani cement market. Our appetite for additional equity in this project reflects our confidence in the growth prospects of the Pakistani economy.’