Amsterdam-listed OCI N.V. announced on Monday that it has formally commenced proceedings to effect a demerger of the company’s engineering and construction business from its fertilizer and chemicals business, which was previously announced by the board of directors on 6 November 2014.

The demerged construction business will be called Orascom Construction and will be dually listed on NASDAQ Dubai and the Egyptian Exchange (EGX).

According to the company’s statement, the demerger is expected to take place on March 7 through a $ 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.

Orascom Construction Limited (OC or Orascom Construction) will be dually listed on NASDAQ Dubai and the EGX as a global engineering and construction company, OCI NV said.

It added that, with respect to the Admission to listing and trading on NASDAQ Dubai, EFG Hermes is acting as Sponsor. Bank of America Merrill Lynch, Barclays and HSBC Bank Middle East Limited are acting as Joint Financial Advisors. With respect to the admission to listing and trading and the offering of shares on the EGX, EFG Hermes is acting as Global Coordinator and Joint Bookrunner, CI Capital and HSBC Bank Middle East Limited are acting as Joint Bookrunners. Rabobank is acting as Dutch Financial Advisor.

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