EFG Hermes eyes managing gov’t IPOs on EGX

Cairo – Mubasher: EFG Hermes Holding on Sunday will present an offer for government-owned financial institution NI Capital to manage one of the state-run firms’ initial public offering (IPO) on the Egyptian Exchange (EGX).

The launching time of these IPOs will be announced after choosing the bid’s winner, investment banking co-head of EFG Hermes Moustafa Gad told local newspaper Youm7.

Gad noted that NI Capital is looking to complete the secondary sale this year.

EFG was among the seven investment banks invited by NI Capital to take part in the bid to manage additional stake sales in Eastern Company and Alexandria Minerals and Oils Company (AMOC).

Egypt is seeking to offer up to 23 state-owned companies on the EGX at a total value of EGP 80 billion within 24 to 30 months with a market capitalisation of up to EGP 430 billion.

Mubasher Contribution Time: 02-Sep-2018 10:00 (GMT)
Mubasher Last Update Time: 02-Sep-2018 10:09 (GMT)