Orascom Construction, a leading global engineering and construction contractor, after a demerger from Netherlands-based OCI NV, a global producer of fertilisers, will be listed on Nasdaq Dubai and Egyptian Exchange (EGX), a report said.

OCI announced today that it has formally commenced proceedings to effect the demerger of the company’s engineering and construction business from its fertiliser and chemicals business, which was previously announced by the board of directors on November 6, 2014.

The demerger is expected to take place on March 7 through a $1.4-billion reduction in OCI’s share capital, whereby OCI shareholders will receive one Orascom Construction share for every two OCI shares they own as at close of trading on March 6.

The demerger will result in OCI continuing to be listed on the Euronext Amsterdam as a global producer of nitrogen fertilisers, methanol and other natural gas-based chemical products.

Orascom Construction Limited will be dually listed on Nasdaq Dubai and the EGX as a global engineering and construction company.

With respect to the admission to listing and trading on Nasdaq Dubai, EFG Hermes is acting as sponsor. Bank of America Merrill Lynch, Barclays and HSBC Bank Middle East are acting as joint financial advisors.

With respect to the admission to listing and trading and the offering of shares on the EGX, EFG Hermes is acting as global coordinator and joint bookrunner, CI Capital and HSBC Bank Middle East are acting as joint bookrunners. Rabobank is acting as Dutch financial advisor. – TradeArabia News Service