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: email@example.com OCI stock symbols: OCIC.CA / OCIC EY / OCICqL / ORSD / ORSCY Erika Wakid Orascom Construction Industries (OCI) Email: firstname.lastname@example.org 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
Orascom Cons. Inds. ORSD OCI Comments on Recent Statements from Egypt Govt
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