Egypt's Taaleem to buy back 8mln shares

Under the IPO's prospectus, the company will buy back its shares through the price stabilization fund that ran for one month ending May 6

  
The Egyptian Exchange bell is seen at the stock exchange in Cairo, Egypt February 13, 2018. Image used for illustrative purpose

The Egyptian Exchange bell is seen at the stock exchange in Cairo, Egypt February 13, 2018. Image used for illustrative purpose

REUTERS/Amr Abdallah Dalsh
 

Egypt - The Egyptian Exchange announced that the total shares of Taaleem Management Services (TALM), which is offered for sale through the price stabilization fund, are 7,862,137 shares, according to the EGX’s statement.

Under the IPO's prospectus, the company will buy back its shares through the price stabilization fund that ran for one month ending May 6th.

The listed company reported a consolidated net profit before minority interest of EGP 128.615 million in September-February 2021, compared to EGP 108.964 million achieved in the prior-year period.

On April 1st, Taaleem said that its public offering was covered 29.38 times.

Taaleem company is reportedly opening the IPO and private placement for subscription by offering 357.8 million shares owned by Sphinx Obelisk. This volume represents 49% of Taaleem’s capital.

Established in 2015, Taaleem Management Services Company is engaged in the education sector. It owns Nahda University Beni Suef located in upper Egypt.

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