OCI N V plans to sell a minority stake in its Beaumont, Texas, methanol and ammonia plant in a second half of 2013 initial public offering, the Dutch-listed parent of Orascom Construction Industries said Wednesday.
The funds from the IPO will be used to repay debt and finance a debottlenecking project at the Beaumont plant, it added.
OCI has set up a limited partnership and will apply for permission from the US Securities and Exchange Commission to carry out the IPO later in June.
The debottlenecking project, which is slated to be completed during the second half of 2014, is expected to increase the facility's methanol capacity by 25% to 875,000 mt/year and ammonia capacity by 15% to 292,000 mt/year, the company said in late April.
Cairo-headquartered OCI specializes construction and fertilizer production.
