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Egypt's Financial Regulator Requires More Clarifications On OCI NV's Exchange Offer
Islam Salah Published in Amwal Al Ghad on 21 - 01 - 2013

Egypt's financial regulator, the Egyptian Financial Supervisory Authority (EFSA) said on Monday Orascom Construction Industries – OCI (OCIC.CA) has to provide additional disclosure of OCI's potential transaction with its Dutch unit OCI N.V. to exchange OCI's shares and GDRs for the unit's shares.
EFSA has asked OCI for further clarifications on the share offer's technical and financial conditions, the OCI minority's rights in case of rejecting the offer. EFSA also requested submitting the financial statements for both OCI and OCI N.V. amid the transaction completion.
The financial regulator stated that OCI is also required to explain the situation of the current global depository receipts (GDRs) program in case of completing the share exchange and takeover deal.
Moreover, EFSA said OCI has also to present the structure of its subsidiaries indicating the controlling percentages before and after the exchange and takeover deal.
EFSA asserted that it needs to have more clarification on OCI N.V.'s announcement in regard to obtaining commitments in excess of US$ 2 billion from participating investors, including US$ 1 billion from US investors comprising Cascade Investment, L.L.C., an entity wholly owned by Bill Gates, Southeastern Asset Management, and Davis Selected Advisers, to provide the funding required under the Share Exchange Offer with a Cash Alternative to pay shareholders who elect to tender their OCI ordinary shares for cash.
EFSA said OCI is required to explain whether it would go on its demerger plan or not after completing the exchange and takeover deal.
On Sunday, Orascom Construction Industries said OCI N.V. announced it has launched an exchange offer to acquire all of the outstanding Regulation S global depositary receipts (GDRs) of OCI in exchange for ordinary shares in OCI N.V. OCI N.V. (also referred to in this Announcement as the Company) plans to subsequently launch an ADR program on the New York Stock Exchange.

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