Sunday, Jun 09, 2013
(This article was first published on Wednesday.)
CAIRO (Zawya Dow Jones)--OCI N.V. (OCI.AE), the parent company of Egypt's Orascom Construction Industries (OCIC.CI), on Wednesday said it intends to sell a minority stake in its methanol and ammonia plant in the United States in an initial public offering.
"Subject to market conditions and final approval by OCI N.V.'s board of directors, OCI N.V. anticipates that a minority interest in the MLP will be offered in the IPO in the second half of 2013," the company said in an emailed statement.
OCI N.V. added that it has set up a new limited partnership that will apply this month to the U.S. Securities and Exchange Commission to proceed with the offering.
The company said that funds raised from the IPO will be used to repay outstanding debts and help finance the Texas-based facility's planned debottlenecking project.
OCI N.V. earlier this week said it had formally submitted documents to Egypt's market regulator to complete a tender offer for its Cairo-listed shares, a move that would completely delist the company from Egypt's stock market.
Write to Reem Abdellatif at reem.abdellatif@dowjones.com
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(END) Dow Jones Newswires
09-06-13 0351GMT
