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| OCI shareholders OK all resolutions Shareholders of Cairo-based Orascom Construction Industries approved all resolutions on the meeting's agenda including the proposal to distribute a cash dividend equivalent to EGP 305 per share based on the results for the fiscal year ended 31 December 2007. Shareholders also approved the auditor's and Board of Directors' report on the standalone unconsolidated financial statements for 2007 along with the future remuneration for independent directors during 2008. The approved cash dividend represents a total cash payout of approximately US$ 11.2 billion based on the proceeds of the divestment of the Cement Group to French building materials conglomerate Lafarge S.A. The initial proposal for a cash dividend equivalent to EGP 300 per share was increased by the Board of Directors to reflect the incremental positive effect of the Euro / dollar exchange rate. OCI also held an Extraordinary General Assembly (EGM) to approve the transaction with Abraaj Capital. write your comments about the article :: © 2008 Construction News :: home page |