21 December 2011
Cairo-based Al Ahly Real Estate Development Company plans to raise capital through a public or private placement of between 30% and 40% of its shares before 2013 ends, a senior executive said.
Cairo-based Al Ahly Real Estate Development Company plans to raise capital through a public or private placement of between 30% and 40% of its shares before 2013 ends, a senior executive said.
"We are looking to list our shares through an IPO or private placement to fund our expansion over the next five years, Egypt has a large real estate market with an annual demand of 350,000 units," Tamer Erfan, Al Ahly's Director for Investment and Investment, told Zawya.
The company was delisted from the Egyptian stock exchange in May 2008.
Erfan said Al Ahly has about EGP 7 billion (USD 1.167 billion) of investments in the property markets of Alexandria, New Cairo and 6 October. Another EGP 1 billion will be invested in 2012, he said. The company's annual turnover averaged EGP 1.250 billion (USD 208 million) over the past five years.
© Zawya 2011
