Orascom Construction Industries SAE will comply with a request from the Egyptian financial authorities for additional clarification of an offer by its parent company,OCINV, on its ordinary shares,OCINV said on Wednesday.
OCI SAE would host another shareholder meeting to discuss additional disclosures related to the transaction "and to subsequently obtain approval on the (meeting's) ... resolutions from minority shareholder", the statement said.
Once minority shareholders approve these resolutions, the result of the meeting will be ratified and an updated mandatory tender offer application will be formally filed with the Egyptian authorities, it said.
Dutch-listed OCI NV announced the exchange offer in January, under which holders of OCI's global depository receipts were offered shares in OCI NV, while holders of the firm's Egypt-listed ordinary shares got the option of cash or OCI NV shares.
OCI SAE said on Feb. 13 shareholders had approved the offer at meetings in Cairo.