Orascom Construction offers 11 pct of shares in $185 mln IPO

Orascom Construction (IPO-ORAS.CA) plans to offer 11 percent of its shares on the Cairo bourse to raise 1.41 billion Egyptian pounds ($185 million).

The company is being spun off from OCI NV, which will retain its fertiliser and chemicals operation. The construction business is seeking a dual listing on the Egyptian stock market and NASDAQ Dubai.

In a statement published in Egypt's Al-Ahram newspaper, Orascom said the stock would be offered in two tranches, with the first closing on Thursday.