Orascom to begin trading on Dubai Nasdaq
Orascom Construction, the global engineering and construction business, is demerging from OCI N.V.'s fertiliser and chemical business, and will be listed separately on both the Dubai and Egyptian stock exchanges.
The demerger of OC is slated for March 7 through a $1.4 billion reduction in OCI N.V.'s share capital, with current shareholders receiving one OC share for every two shares of OCI N.V. they own.
The construction company will begin trading on the Dubai Nasdaq March 9 and on the Egyptian EGX sometime between March 9 and 11.
A statement released Monday by Orascom said that OCI N.V., the Netherlands-based producer of nitrogen fertilizers, methanol and other natural gas based chemical products, will continue to be listed on the Euronext Amsterdam exchange.
The company's CEO is Egyptian tycoon Nassef Sawiris.
Follow Emirates 24|7 on Google News.