OCI N.V. announced that it has launched an exchange offer to acquire all of the outstanding Regulation S global depositary receipts (GDRs) of Orascom Construction Industries, SAE (OCI) in exchange for ordinary shares in OCI N.V. The company will have a one-tier board, consisting of two executive and three independent non-executive directors. Mr. Michael Bennett, the former CEO of Terra Industries, will serve as Chairman. Mr. Jan Alberts Ter Wisch, former partner at Allen & Overy LLP, and Mr. Arif Naqvi, the founder and Group CEO of The Abraaj Group, will serve as non-executive independent directors.

Mr. Nassef Sawiris, OCI's CEO, and Mr. Salman Butt, OCI's Chief Financial Officer (CFO), will serve as executive directors. Following the transaction, the company will take the necessary steps to expand the board of directors including additional independent non- executive directors.