Cairo – Mubasher: Cairo Investment and Real Estate Development on Monday announced plans to offer a 37.84% stake or up to 207.2 million shares on the Egyptian Exchange (EGX).
The stake will be floated through an international private offering for institutional investors outside the US, Australia, Canada, and Japan, in addition to another private offering for qualified investors in the US, the Cairo-based firm, which operates in the housing and real estate development sector, said in a statement.
The company will also launch an initial public offering (IPO) for Egyptian investors, giving no timeframe for the share sale.
Moreover, Grant Thornton LLP will set the fair value for Cairo Investment’s stock as preparation for the IPO.
