Egypt's CI Capital plans two IPOs; raises assets to $582mln

IPOs are expected from an education group and a food security company

  
The Egyptian Exchange bell is seen at the stock exchange in Cairo, Egypt February 6, 2018. Image used for illustrative purpose.

The Egyptian Exchange bell is seen at the stock exchange in Cairo, Egypt February 6, 2018. Image used for illustrative purpose.

REUTERS/Amr Abdallah Dalsh

Cairo –  CI Capital plans to carry out two initial public offerings (IPOs) on the Egyptian Exchange (EGX) in the coming period, according to the company’s CEO Hazem Badran.

Offering the shares Taleem, the owner of Nahda University, is set to be completed during the fourth quarter (Q4) of 2020 or Q1-2021, Badran told reported during a press event on Wednesday.

The other IPO managed by CI Capital will be for an EGP 1 billion company specialized in food security, the CEO revealed.

It is worth noting that CI Capital is the financial advisor for the IPOs of Abu Qir Fertilizers and Enppi, which are set to be listed on EGX as part of the Egyptian government IPO program.

Asset portfolio grows by 31%

Furthermore, Badran said that assets under management (AUM) by CI Capital Holding grew from around EGP 7 billion in 2018 to EGP 9.2 billion last year.

As for the financial services portfolio at CI Capital, it went up to EGP 10 billion in 2019, up from EGP 7.8 billion in 2018, he further noted.

The CEO expects the IPOs of Abu Qir Fertilizers and Alexandria Container and Cargo Handling to revitalize EGX and introduce new investors and funds.

In November, Minister of Public Business Sector Hisham Tawfik referred to the two previously mentioned companies, alongside Heliopolis for Housing and Development, as three companies ready undergo their respective IPOs.

Source: Mubasher Exclusive

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