Cairo-Mubasher:Egypt- South Africa for Communication - Egysacom's initial public offering (IPO) on Nile Stock Exchange for small-and-medium enterprises (SMEs) was fully covered, said Sharif Salah El Deen, chairman and managing director.
The IPO was completely covered although of EGX current unstable conditions, noted Salah El Deen.
The EGX flotation represents around 20% or 31 million shares of Egysacom’s capital at par value of EGP 0.20 per share and a fair value of EGP 0.95 per share.
Egysacom previously reported renewing its contract with Vodafone Egypt to install and maintain networks for the full-year 2015-2016, while it renewed its agreement with Sony-Ericsson to install and maintain mobile networks for Etisalat Misr with an estimated EGP 7.4 million in operations.
In June, the network-installation firm renewed its contract with mobile operator Mobinil for the year 2015-2016 at a cost of EGP 6.5 million.
Egysacom’s profits dropped 57% to EGP 431,300 in H1-15, compared to figures from the same period in 2014.
