Cairo – Mubasher: Hassan Allam Holding is looking to offer global depository receipts (GDRs) on the London Stock Exchange (LSE), a step that coincides with floating its shares on the Egyptian Exchange (EGX) in October.
The company is expected to obtain the Financial Regulatory Authority’s (FRA) approval regarding the initial public offering (IPO) within two weeks, Alborsa newspaper reported, citing sources.
Sources added that Hassan Allam has not yet decided the volume of the IPO.
Earlier this month, a top official at the company said that the IPO was projected to take place in the fourth quarter of 2018.
In July, sources told Alborsa that the company was planning to float a 30% to 35% stake on the EGX in October.
In May, sources told Enterprise that Hassan Allam had hired EFG Hermes and Renaissance Capital to work jointly as the IPO’s global arrangers, while Arqaam Capital would be the bookrunner.
The law firm Matouk Bassiouny will act as the legal advisor to the issuer, the sources pointed out.