Cairo – Mubasher: Al-Ahram institution is planning to sell a 25% stake in an initial public offering (IPO) on the Egyptian Exchange (EGX) as part of the news organisation’s restructuring plan, according to Ahram Online.
Assets owned by the news organisation worth more than EGP 100 billion, accordingly, the IPO will generate EGP 25 billion, Al-Ahram Chairman Abdel-Mohsen Salama said at Al-Ahram 2025 conference.
The IPO is a part of Al-Ahram’s strategic plan to reduce 80% of its deficit by 2020, Salama added, pointing out that the institution’s debts stood at EGP 1.6 billion.
On 26 December, EGX chairman Mohamed Farid said that the Egyptian stock market has witnessed six IPOs at a total value of EGP 4 billion in 2017.
Farid added that eight firms, including real estate and tourism firms, are preparing to submit IPO requests to the EGX soon.
