Orascom Construction Ltd, the Engineering and Construction branch of Orascom Construction Industries NV (OCI), will launch an initial public offering (IPO) in February 2015, according to its CEO Nassef Sawiris.
Last week, the company reported that its Orascom Construction will pursue a dual listing in Egypt and the United Arab Emirates.
The company said in a press release:
Preparations for the separation of the Engineering & Construction Group from OCI N.V. are underway and the new company is targeting to list on the two exchanges during the first quarter of 2015, subject to necessary regulatory approvals as well as Board and shareholder approvals.
The company hopes to be among the first companies to benefit from the new dual listing rules that the Egyptian regulatory authorities are currently embarking on.
The company, which will be called Orascom Construction Limited, 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.
Orascom Construction provides international engineering and construction services primarily focused on infrastructure, industrial and high-end commercial projects in the United States, the Middle East, Africa and Central Asia for public and private clients.
The construction company 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 $2.5 billion to $3 billion. The company believes the project's timeframe to be four years, adding that it is expected to have a capacity of up to 2,000 MW to 3,000 MW.
Mr. Sawiris said in an interview that the contribution of OCI and the Emirati company for the project is divided by 50%-50%, adding that cooperation of some Asian and European companies is welcomed.
Following the spin-off, the Fertilizer & Chemicals Group will constitute OCI N.V.'s core business and will remain listed on Euronext Amsterdam.