Cairo, Egypt-Orascom Construction Industries (OCI) recently announced the launch of its American Depositary Receipt (ADR) program, with BNY Mellon acting as the depositary bank. Each OCI ADR represents one ordinary share and trades on the over-the-counter (OTC) market under the symbol ORSCY. OCI’s ordinary shares trade on the Egyptian Stock Exchange alongside a Global Depository Receipts (GDR) program on the London Stock Exchange. The launch of the ADR program does not coincide with a capital increase or offering of new shares in the company. “We have chosen to establish a U.S. over-the-counter traded DR program to meet the growing demand by U.S. domiciled investors for a dollar denominated security trading in their time zone,” said Nassef Sawiris, OCI chairman and CEO. OCI is one of Egypt’s largest corporations, with projects and investments across Europe, the Middle East, and North Africa. The company employed more than 88,000 people and generated US$ 3.8 billion in revenues and US$ 795 million in EBITDA for 2009. The OCI Fertilizer Group is a strategic owner and operator of nitrogen fertilizer plants in Egypt and Algeria, with an international distribution platform spanning Latin America, the United States, Europe and Africa. In addition, it owns a stake in The Gavilon Group LLC, formerly the ConAgra Trade Group (GM July 7, 2008).
Transparency Across the Fertilizer Value-Chain