Cairo -- (MARKET WIRE) -- May 16, 2007 --
NEWS RELEASE
OCI Announces Dividend Distribution Date
OCI to distribute a EGP 5.5 cash dividend per share on 30 May 2007
Cairo, Egypt - 16 May 2007: Orascom Construction Industries (OCI) has
announced today that it will distribute a cash dividend of EGP 5.5 per
share (US$ 1.93 per Global Depository Receipt) on 30 May 2007 to holders
of the share as at 27 May 2007.
Global Depository Receipts (GDRs) holders should contact the Bank of New
York for information the dividend payment process.
In the Annual General Assembly (AGM) which was held on Sunday 6 May, OCI
shareholders approved all proposed resolutions including a EGP 5.5 cash
dividend per share which implies a payout ratio of 42% of consolidated
net income for the fiscal year ended 31 December 2006 and an increase of
175% over the total cash dividend distribution for the previous year.
Shareholders also approved an increase in the ratio of independent
directors on the Company's Board of Directors through the resignation of
two executive directors without replacement.
Please visit the OCI corporate website to view the 2006 Annual Report and
audited consolidated financial statements.
--------------------------------------------------------------------------
For additional information CONTACT:
Investor Relations Department:
Hassan H. Badrawi - Director
Sarah Makiya
Omar Darwazah
Tel: +202 2461 1039/1036
Fax: +202 2461 9409
Email: hassan.badrawi@orascomci.com
Orascom Construction Industries
Orascom Construction Industries (OCI) is a leading cement producer and
construction contractor active in emerging markets. Based in Cairo, we
employ more than 40,000 people in over 20 countries. Working together
with our employees, business partners and customers, we are helping to
build the future in developing countries around the world.
As a cement producer, we own and operate cement plants in Egypt, Algeria,
Turkey, Pakistan, northern Iraq, and Spain which have a combined annual
production capacity approaching 21 million tonnes. Our new investments in
northern Iraq, Turkey, Nigeria, Algeria, the United Arab Emirates, Syria
and Saudi Arabia will increase our annual production capacity to 39
million tonnes. Our Cement Group exports primarily from Egypt to
customers in more than 30 countries including the USA, Europe, Africa and
the Middle East. We produce and distribute aggregates and ready-mix
concrete in Spain, Egypt and Algeria. We also manufacture cement bags in
Egypt and Algeria.
As a contractor, we provide engineering procurement and construction
services on large, complex and demanding industrial, commercial,
water/sewage, transportation, telecommunications, maritime, tourism and
railway projects for private and public customers principally in the
Middle East, Africa and Central Asia. Our Construction Group is active in
over 100 projects in more than 20 countries. Through partnerships with
industry leaders, we also manufacture fabricated steel products as well
as architectural curtain walling and window systems. As part of our long-
term strategy to create a sustainable flow of construction opportunities,
we also have investments in natural gas industries, including fertilizers
and in infrastructure concessions including a port operator and an
industrial park developer.
For additional information on OCI: www.orascomci.com
Orascom Construction Industries (OCI)
Nile City Towers - South Tower
2005A Corniche El Nil, Cairo, Egypt
Tel: +202 2461 1111, Fax: +202 2461 9400,
OCI stock symbols: OCIC.CA / ORCI EY / OCICqL / ORSD LI
This information is provided by RNS
The company news service from the London Stock Exchange