Cairo – Mubasher: Beltone Financial Holding plans to manage number of IPOs of number of Egyptian companies that seek to float their shares on the Egyptian Exchange (EGX), said Ahmed Salem, deputy managing director.
Beltone expects such targeted companies to raise nearly EGP 2 billion through their awaited IPOs during upcoming December and the first quarter of 2017, Salem told Mubasher on the sideline of economic conference on Tuesday.
Beltone eyes offering 40% to 45% stake of Obour Land on the Egyptian Exchange, where the IPO proceeds may reach EGP 800 million, while the company’s share offering price will range between EGP 9 to EGP 9.88 per share, noted Salem.
Beltone also seeks floating 35% of El Farasha for Manufacture and Printing Packing Materials, where it expects to raise funds of EGP 300 million to EGP350 million, added Salem.
“The offering of M.M Group for Industry Co. on EGX may take place next December on condition of securing the regulators’ approvals,” said Salem. M.M Group aims to raise EGP 400 through its IPO, he added.
Elaborated, he noted that Beltone currently works on completing the legal procedures of floating Egypt Food Co. on Egypt’s bourse.
“The remaining IPOs are expected to be within the real estate and industrial sectors,” said Salem.
Beltone has managed IPOs worth more than EGP 100 billion since its inauguration.
