OCI NV’s Engineering and Construction Group will pursue a dual listing in Egypt and the United Arab Emirates, the company announced Thursday.
The international company stated that the “preparations for the separation of the Engineering and Construction Group from OCI NV are underway”, adding that the “new company is targeting to list on the two exchanges during the first quarter of 2015”.
“[This is] subject to necessary regulatory approvals as well as board and shareholder approvals,” the company said.
The new company will be named Orasco Construction Limited and will include all OCI NV’s construction assets and subsidiaries. The company will also own 50% stake in the BESIX Group, a group of industrial companies operating in construction, roads, infrastructure, environmental, concessions and property development.
The company made an announcement on Wednesday, saying that its Egyptian arm Orascom Construction Industries SAE is intending to commence studies to construct and develop a coal-fired power plant in cooperation with UAE-based International Petroleum Investment Company (IPIC).
The total value of the project has been placed at approximately $2.5bn to $3bn.