Orascom announces shares offering
OCI N.V. announced on 16 February that it has formally commenced proceedings to effect a demerger of the company's engineering and construction business, Orascom Construction, from its fertilizer and chemicals business, which was previously announced by the Board of Directors on 6 November 2014.
Orascom Construction Limited will be dually listed on NASDAQ Dubai and the Egyptian Exchange (EGX) as a global engineering and construction company.
The demerger is expected to take place on 7 March 2015 through a US$1.4 billion reduction in OCI N.V.'s share capital whereby OCI N.V. shareholders will receive one Orascom Construction share for every two OCI N.V. shares they own as at close of trading on 6 March 2015.
The demerger will result in OCI N.V. continuing to be listed on the Euronext Amsterdam as a global producer of nitrogen fertilizers, methanol and other natural gas based chemical products.
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