By Amr Adel
Dubai – Mubasher: Magrabi Optical, a leading eyewear chain in MENA, may launch an initial public offering in equity market over the coming three to five years, said its chief executive officer.
During a retail event that wrapped up Thursday in Dubai, CEO Amin El-Maghrabi told Mubasher that the company’s board of directors continue to discuss the flotation proposal but still await the right time to complete such a step.
Magrabi will prefer between the Saudi or UAE stock markets to float its shares, according to the CEO.
Magrabi will implement a five-year strategic plan that will focus mainly on doubling sales, as well as opening more branches to bring their total number to 440 in major markets, said El-Maghrabi.
The eye wear chain owns more than 220 outlets in nine countries, mainly Saudi Arabia, UAE, Egypt, Kuwait, Bahrain, Oman, Lebanon and Turkey.
The CEO indicated that the size of his company’s business in retail sector rose to $300 million by the end of 2015 and is targeted to increase by 10%-15% this year.
Translated by Sayed Abdel Rahman
