OCI NV hired Barclays Plc and Bank of America Corp. to advise on the listing of its construction business in the United Arab Emirates and Egypt, according to two people with knowledge of the matter.
The company, controlled by billionaire Nassef Sawiris, is also working with Egyptian investment bank EFG-Hermes Holding SAE, the people said, asking not to be identified as the information is private. The company is considering a listing on Nasdaq Dubai exchange, the people said.
Orascom Construction Ltd., as the new entity will be known, will include all OCI’s construction assets, as well as its 50 percent stake in BESIX Group. The listings are targeted for the first quarter, the company said on Nov. 6.
Sawiris relocated Orascom Construction Industries to the Netherlands from Egypt last year through a buyout by OCI, an entity he helped set up amid a tax dispute with the Islamist-led former Egyptian government. OCI’s fertilizer and chemicals business will still be listed in Amsterdam, it said.
An Egyptian court overturned a 7 billion-Egyptian pound ($979 million) settlement between OCI’s local unit and the government on charges of tax evasion, the company said last week.
Spokesmen for OCI and Nasdaq Dubai declined to comment. Barclays, Bank of America and EFG-Hermes also declined to comment.-Bloomberg
