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Egypt authorities want more clarification on OCI deal The construction giant says will comply with a request from the Egyptian financial authorities for additional clarification on the OCI NV offer
OrascomConstructionIndustries SAE will comply with a request from the Egyptian financial authorities for additional clarification of an offer by its parent company, OCI NV, on its ordinary shares, OCI NV said on Wednesday. OCI SAE would host another shareholder meeting to discuss additional disclosures related to the transaction "and to subsequently obtain approval on the (meeting's) ... resolutions from minority shareholder", the statement said. Once minority shareholders approve these resolutions, the result of the meeting will be ratified and an updated mandatory tender offer application will be formally filed with the Egyptian authorities, it said. Dutch-listed OCI NV announced the exchange offer in January, under which holders of OCI's global depository receipts were offered shares in OCI NV, while holders of the firm's Egypt-listed ordinary shares got the option of cash or OCI NV shares. OCI SAE said on 13 Feb shareholders had approved the offer at meetings in Cairo. OCI NV, an international fertilizer,engineeringandconstructioncompany, said in January it had obtained commitments in excess of $2 billion from participating investors to pay shareholders who elect to sell their OCI ordinary shares for cash. This included $1 billion from U.S. investors, comprising Cascade Investment LCC - which is wholly owned by Bill Gates - as well as Southeastern Asset Management and Davis Selected Advisers. OCI Chief Executive Nassef Sawiris said on 25 January he expected Gates and the other U.S. investors to own up to 12 percent of the company. http://english.ahram.org.eg/News/65187.aspx
