Cairo – Mubasher: The Cairo International Airport-based Nile Air will sell 30% of its shares in an initial public offering (IPO) on the Egyptian Exchange (EGX) by the end of 2018, CEO Ahmed Ali said.
Ali attributed the move to the latest economic decisions taken by the Egyptian government, particularly the liberalisation of the exchange rate, according to Almal News.
Nile Air is the first private sector airline that will offer its shares on the EGX, he added.
The Egyptian airline aims at entering new markets in the GCC region and the Middle East over the coming period, the CEO mentioned.
In July, Nile Air posted that it plans to launch an IPO and be listed on the EGX in 2017.
The airline’s former managing director Yousri Abdel Wahab had previously told Mubasher in an interview that Nile Air targets offering 30% of its shares on the EGX during the first half of 2016.
