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| 11 July, 2018

Egypt's Sarwa Capital to float 30% stake on EGX in Q4

Beltone aims to begin Sarwa’s IPO roadshow by the end of the current summer season

Image used for illustrative purpose only.
Traders work at the Egyptian stock exchange in Cairo, May 28, 2015.

Image used for illustrative purpose only. Traders work at the Egyptian stock exchange in Cairo, May 28, 2015.

REUTERS/Mohamed Abd El Ghany

Cairo –  Beltone Financial Holding will manage the offering of around 30% stake in Sarwa Capital on the Egyptian Exchange (EGX) in the fourth quarter of 2018.

The Egyptian investment bank aims to begin Sarwa’s initial public offering (IPO) roadshow by the end of the current summer season, which will include GCC and European countries in a bid to attract foreign investments, sources told Almal News.

The volume of the IPO is expected to stand at around $150 million, sources added.

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They expected Sarwa to hire an independent financial advisor to set the fair value of the stock, while Matouk Bassiouny’s office will act as the legal advisor of the IPO.

Sarwa Capital is projected to use the proceeds of the IPO to finance the insurance activity after obtaining two insurance licences for properties and life.

The company also seeks to enter the factoring business in the second half of this year.

Source: Mubasher

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