| 01 Jun 2005 |
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Sidi Krier Petrochemicals Company to Issue 20% IPO Next Week
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Cairo (APD) - Osama Ahmed Fouad, board member of Sidi Krier Petrochemicals Company, said that the company's IPO of 20% will be issued on the bourse next week, al-Alam al-Youm reported Wednesday.
He said that 21 million shares would be issued out of total 100 million shares in the company. Fouad added that the sharse would be issued at the price of LE 70 per share.
The Egyptian Petrochemicals Holding Company (ECHEM) acquired in mid-May 19.9% stake in Sidi Krir Petrochemicals Company from Egyptian General Petroleum Corporation (EGPC) in a LE 209.9 million deal.
The Extra-Ordinary General Meeting (EGM) of Sidi Krier Petrochemicals Company (SIDPEC) has approved early May launching the IPO of 20% stake in the company. Moreover, the EGM approved the splitting of each share into 10 shares so that the par value of the split shares would be LE 10 per share in order to reduce share's price in a bid to lure small investors when the IPO would be launched.
Net profit of Sidi Kreir Petrochemicals Company soared 155% to reach LE 734.4 million for fiscal year 2004, compared to LE 288.1 million for 2003.
By Eman Wahby
© APD (Arab Press Digest) 2005
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