By: Ahmed Allam
Cairo – Mubasher: Cairo Investment and Real Estate Development is looking to establish schools in new cities, managing director said on Monday.
The Egyptian firm is considering land plot tenders announced by the New Urban Community Authority (NUCA) to build new schools, Mohamed El Kalla added.
He noted that Cairo Investment also seeks to expand Badr University.
The recently listed firm on the Egyptian Exchange (EGX) is on the verge of obtaining all the due approvals and final regulations to begin the construction of new seven faculties, he indicated.
El Kalla highlighted that construction work of Badr University began five years ago and it includes nine faculties.
By 10:07 am Cairo time, Cairo Investment’s stock jumped by 17% at the beginning of its first trade on the Egyptian Exchange (EGX) to EGP 7.03.
The EGX previously stated that trading on Cairo Investment’s stock is set to commence as of 1 October.
The initial public offering (IPO) of Cairo Investment was oversubscribed by 18.87 times.
In September, Cairo Investment said that it had set an indicative price ranging between EGP 5.45 and EGP 6.3 per share to its stake offered for sale on the Egyptian bourse.
Translated by: Mai Ezz El-Din
