(AFP File Photo / Khaled Desouki)
Orascom Construction Ltd has officially applied its listing request to the Egyptian Exchange on Tuesday. The company’s capital is placed at approximately EGP 800m that will be divided between around 105 stocks.
In November, Orascom Contruction Industries NV reported it will pursue a dual listing for the engineering and construction branch in Egypt and the United Arab Emirates.
“Concurrently with the implementation of the demerger, Orascom Construction intends to offer new ordinary shares representing up to 15% of the shares to public retail investors,” the company said in an official statement. It announced it plans to have a private stock issuance for “qualified institutional investors”.
The dates for the Egyptian offer will be between 1 March and 4 March, the company noted.
“The demerger is expected to take place on 7 March 2015 through a $1.4bn reduction in OCI NV’s share capital,” the company said. “OCI NV shareholders will receive one Orascom Construction share for every two OCI NV shares they own at close of trading on 6 March 2015.”
Earlier this month, Emaar Misr applied for listing on the stock market as well. The company’s capital is estimated to be around EGP 878m that will be divided on 87m stocks.
On 2 February, Orascom Construction Industries (OCI SAE) announced Tuesday that OCI MENA BV bought a stake in the firm worth EGP 12.5bn. According to a source from OCI NV, OCI MENA BV is a 100% owned subsidiary of OCI NV, where OCI NV merely transferred some of its shares in OCI SAE to its subsidiary.
