OCI N.V., the Netherlands-based chemicals producer, said it plans to seek listing for its construction business in Egypt and the United Arab Emirates. The company, headed by Egyptian billionaire Nassef Sawiris, has already started preparations to separate itsEngineering & Construction Group and targets to list on the two exchanges during the first quarter of 2015, OCI N.V. said in an emailed statement Thursday. The new company is expected to be named Orascom Construction Limited, and it will include all OCI N.V.'s construction assets as well as 50 percent stake in BESIX group, a Belgian based construction firm. The move still requires approvals from regulators, board and shareholders, the company said. The newly formed Orascom Construction Limited will invest in infrastructure products, including a 2,000-3,000 megawatt coal fired power plant in Egypt that OCI N.V. announced yesterday. The project will cost $2.5 -- $3 billion and will be jointly developed with Abu-Dhabi based International Petroleum Investment Company. Sawiris promised "huge" investments in Egypt following the resolution of a tax dispute between his company and the Egyptian tax authority. OCI N.V. said Tuesday it had won its appeal in a two-year tax evasion dispute relating to the sale of assets to French group Lafarge. http://english.ahram.org.eg/News/114873.aspx
