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Orascom Cons. Inds. ORSD OCI Comments on Recent Statements from Egypt Govt

  Orascom Cons. Inds. (ORSD) - OCI Comments on Recent Statements from Egypt
  Govt

RNS Number : 1746O
Orascom Construction Inds, S.A.E.
08 October 2012






                                    Cairo, Egypt / 8 October, 2012 2:30 PM



OCI Comments on Recent Statements from the Egyptian Government



Orascom Construction Industries  (OCI), in response  to articles published  by 
several websites commenting on recent statements from the Egyptian government,
clarified the following:

  *OCI and its affiliates present their annual tax returns and pay their
    dues on the legally set dates

  *In accordance with article no. 50 of law no. 91 of 2005, all capital
    gains resulting from the sale of shares listed on the Egyptian Stock
    Exchange (EGX) are tax exempt

  *Since the disposal of an affiliated company's shares were listed on the
    EGX in 2007, and as per the laws and regulations governing the EGX, the
    company asserts that there are no capital gains taxes due

  *The company does not expect the retroactive application of the law in the
    event of a change in the relevant tax law in light of the recent statement
    made by the Egyptian Prime Minister, Hesham Qandil, as translated below:



"Regarding articles published by various  news outlets discussing the  levying 
of taxes or fines on  some companies listed on  the EGX, the spokesperson  for 
the Cabinet of Ministers  stated that the government  assures its respect  for 
and commitments to  concluded transactions and  to the laws  in effect at  the 
time, and stresses that any measures the government takes will not be enforced
retroactively so long as the transactions were consistent and conformed to the
laws in effect at the time, thereby preserving the transaction's legal  status 
and protecting the interests and rights of the companies' shareholders."



About Orascom Construction Industries



OCI is one of Egypt's largest  corporations employing more than 72,000  people 
in 35 countries around the globe. The OCI Fertilizer Group owns and  operates 
nitrogen fertilizer plants in Egypt,  the Netherlands, the United States,  and 
Algeria and  has  an international  distribution  platform spanning  from  the 
Americas to  Asia.  The OCI  Fertilizer  Group  ranks among  the  world's  top 
fertilizer producers with a production capacity which will exceed 7.0  million 
metric tons  in  2012.  The OCI  Construction  Group  provides  international 
engineering and construction services primarily on infrastructure,  industrial 
and high-end commercial projects in Europe,  the Middle East and North  Africa 
for public and private  clients. The OCI Construction  Group ranks among  the 
world's top global contractors.



                                   

For additional information contact: 

                                   For additional information on OCI:

OCI Investor Relations Department:  

                                   www.orascomci.com

Omar Darwazah                       

Email: omar.darwazah@orascomci.com  OCI stock symbols: OCIC.CA / OCIC EY /
                                    OCICqL / ORSD / ORSCY

                                    
Erika Wakid
                                    Orascom Construction Industries (OCI)
Email: erika.wakid@orascomci.com
                                    Nile City Towers - South Tower

                                    2005A Corniche El Nil
Hassan Badrawi
                                    Cairo, Egypt
Director
                                    


Tel: +202 2461 1036/0727/0917

Fax: +202 2461 9409



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


MSCUGGQUUUPPGPR -0- Oct/08/2012 12:08 GMT