The Netherlands-based OCI NV has begun to demerge its engineering and construction business from its fertiliser and chemicals business, aiming to complete the process in early March.

The company is being split to allow the construction business, Orascom Construction, to be listed on the Nasdaq Dubai exchange as well as on the Egyptian exchange.

The demerger is due to take place on 7 March through a $1.4bn reduction in OCI’s capital, whereby shareholders will receive one Orascom Construction share for every two OCI NV shares they own at the end of 6 March.

OCI’s fertiliser and chemicals group will remain listed on the Euronext Amsterdam index.

The listing and trading of the newly created Orascom Construction in Dubai is planned to take place on 9 March, followed by the listing in Egypt between the 9-11 March.

Egypt’s EFG Hermes is working as the sponsor bank on the offering in Dubai, while Bank of America Merrill Lynch, Barclays and HSBC Middle East are the joint financial advisers.

For the Cairo listing, EFG Hermes is the global coordinator and joint bookrunner, while Egypt’s CI Capital and HSBC Bank Middle East are joint bookrunners.

The Netherlands-based Rabobank is acting as the Dutch financial adviser.

Institutional bookbuilding on the offer is scheduled to run between 19 and 26 February. The subscription period for the Egypt offer is to begin 1 March and close on the 4 March.

OCI moved its primary listing to Holland in 2013 from Egypt.

The company had been embroiled in a now-settled tax dispute under the former Muslim Brotherhood-supported Egyptian government, led by President Mohamed Mursi. A court ruled in OCI’s favour in November 2014.