OCI NV (OCI), the Dutch company controlled by billionaire Nassef Sawiris, unveiled plans to list its construction business in Egypt and the United Arab Emirates.
The new entity, Orascom Construction Ltd., will include all OCI’s construction assets, as well as its 50 percent stake in BESIX Group, the company said in an e-mailed statement sent to Egypt bourse today.
The listings are targeted for the first quarter, subject to regulatory, board and shareholder approvals, it added.
Sawiris relocated Orascom Construction Industries to Holland from Egypt last year through a buyout by OCI, an entity he helped set up amid a tax dispute with the Islamist-led former Egyptian government.
OCI’s fertilizer and chemicals business will still be listed in Amsterdam, it said