BNY Mellon has been selected by Orascom Construction Industries (OCI) as the depositary bank for its American depositary receipt (ADR) program.
Each OCI ADR represents one ordinary share and trades on the over-the-counter (OTC) market under the symbol ORSCY. OCIs ordinary shares trade on the Egyptian Stock Exchange.
Based in Egypt, OCI is a construction contractor active in emerging markets. The company undertakes large industrial, commercial and infrastructure projects for public and private customers, principally in Europe, the Middle East and North Africa. OCI also produces nitrogen-based fertilizers and has investments in infrastructure concessions.
It was in our best interest to establish an over-the-counter traded DR program in the United States to meet the growing demand by US-domiciled investors for a dollar-denominated security trading in their time zone, says Nassef Sawiris, chairman and chief executive officer of OCI. We appointed BNY Mellon as depositary due to our longstanding relationship, which began in 2002 with the establishment of a global depositary receipt program in London.