Egypt - The Sovereign Fund of Egypt (TSFE) is preparing El Mostakbal Urban Development (MIDAR) for an initial public offering (IPO) on the Egyptian Exchange (EGX) in the first half of 2024, sources told Daily News Egypt. The fund has recently added MIDAR to its Pre-IPO Fund, which aims to facilitate the sale of government stakes to strategic investors.
The sources also said that the National Investment Bank and Banque Misr are planning to exit MIDAR as part of the IPO process. The Pre-IPO Fund, which was established by TSFE, includes seven companies from different sectors, including MIDAR.
MIDAR is owned by Banque Misr (40%), the National Investment Bank (34.4%), the Arab Contractors Company (10.9%), the National Bank of Egypt (8.9%), and Misr Capital Company (5.6%). The company has a total shareholders’ equity of EGP 5bn.
Ayman ElKousey, MIDAR Managing Director and CEO, said that the company plans to invest about EGP 5bn in the current year, while its investments in Mostaqbal City, its flagship project, reached about EGP 11bn by the end of 2022.
ElKousey also said that MIDAR is preparing to announce a new project in partnership with the private sector soon, with a similar concept as Mostaqbal City, which will include entertainment, education, residential, and health facilities.
MIDAR was established in 2006 as an Egyptian joint stock company under Law No. 159 of 1981. It is the main owner and developer of Mostaqbal City, which covers an area of about 11,000 feddan in the natural extension of New Cairo.
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