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DUBAI, Feb 16 (Reuters) - OCI plans to spin off itsengineering and building business from its fertilisers andchemicals' unit next month, the Amsterdam-listed firm said onMonday.
The demerger will take place on March 7, the company said in a statement. OCI N.V will remain listed on the EuronextAmsterdam exchange, while Orascom Construction, which alsoincludes the engineering operations, will feature on the thinlytraded Nasdaq Dubai and the EGX, Cairo's main bourse.
Orascom Construction was a blue-chip stock on the Cairoexchange as recently as 2013 but was forced to delist due totaxes and new regulations introduced by the administration offormer president Mohamed Morsi.
The move could rejuvenate Egypt's listings market after apopular uprising in 2011 hampered the economy and left it tomanage a hard currency crisis that prevented foreign investorsfrom repatriating profits.
Orascom said it believed the demerger would attractadditional investment for both companies and create a clearerbusiness structure, while also allowing them to pursuepartnerships and joint ventures. OCI will focus on production ofnatural gas-based fertilisers.
The demerger will take place through a $1.4 billionreduction in OCI N.V's share capital whereby OCI N.V.shareholders will receive one Orascom Construction share forevery two shares they own in the fertiliser unit as of March 6.That date is subject to regulatory approval.
Simultaneously, Orascom Construction will offer up to 15.8million new ordinary shares, which represent up to 15 percent ofthe new shares to be listed in Egypt.
These will be offered to retail and institutional investorsthrough a private placement conditional on approvals from theEgypt exchange and regulator.
A subscription period for institutional investors will takeplace between Feb. 19-26, at the end of which the offer pricefor shares will be set, while subscription for retail investorswill be between March 1-4.
EFG Hermes will act as sponsor of the process andglobal coordinator of the Egyptian share sale, with Bank ofAmerica-Merrill Lynch, Barclays and HSBC acting as joint financial advisers.
Egypt's CI Capital and HSBC are joint bookrunners for theshare sale, with Rabobank acting as financial adviser to theDutch company. (Reporting by Nadia Saleem; editing by Liisa Tuhkanen and KeithWeir)
