Orascom Construction Industries’ parent company OCI N.V. reveals today its plans for a dual listing of its shares in both Egypt and UAE markets.
In a statement on Wednesday, OCI N.V. (NYSE Euronext: OCI) announced today its intention to pursue a dual listing of its Engineering & Construction Group in both Egypt and the United Arab Emirates. Preparations for the separation of the Engineering & Construction Group from OCI N.V. are underway and the new company is targeting to list on the two exchanges during the first quarter of 2015, subject to necessary regulatory approvals as well as Board and shareholder approvals.
The company hopes to be among the first companies to benefit from the new dual listing rules that the Egyptian regulatory authorities are currently embarking on.
The new company is expected to be named Orascom Construction Limited. It will include all construction assets and subsidiaries of OCI N.V., as well as the 50% stake in the BESIX Group. Orascom Construction provides international engineering and construction services primarily focused on infrastructure, industrial and high-end commercial projects in the United States, the Middle East, Africa and Central Asia for public and private clients. Orascom Construction will also invest in infrastructure initiatives, such as the recently announced 2,000 – 3,000 Megawatt coal fired power plant initiative in Egypt which is being jointly developed with the Abu Dhabi-based International Petroleum Investment Company (IPIC).
Following the spin-off, the Fertilizer & Chemicals Group will constitute OCI N.V.’s core business and will remain listed on Euronext Amsterdam.
