By: Nermeen Abbas
Cairo - Mubasher: The CEO of NI Capital, Ashraf Ghazaly, said that the Engineering for the Petroleum and Process Industries Company (Enppi) will issue 24% of its stocks on the stock market within six months.
Ghazaly added in his speech at the Portfolio Egypt 2017 conference on Sunday that part of the initial public offering (IPO) will be on the Egyptian Exchange (EGX), while the remaining percentage will be listed on other foreign markets.
The percentages are set to be decided later by investment banks, he indicated.
Part of the IPO could be listed on the London Stock Exchange (LSE), the New York Stock Exchange (NYSE), the Dubai Financial Market (DFM), and the Johannesburg Stock Exchange (JSE), the CEO added.
Ghazaly also expects assigning the investment banks responsible for the IPO in the next six weeks.
Enppi’s authorised capital totals $600 million, while the paid-in capital stands at $200 million.
Translated by: Moslem Ali
