Galina mulls offering 10% of shares in IPO

The company plans to attract local and international investor interest

  
Traders work at the Egyptian stock exchange in Cairo, November 19, 2014.

Traders work at the Egyptian stock exchange in Cairo, November 19, 2014.

REUTERS/Mohamed Abd El Ghany

ArabFinance: Galina Agrofreeze intends to float 10% of its shares in an initial public offering (IPO) on the Egyptian Exchange (EGX), Enterprise cited Chairman Abdel Wahed Soliman on January 27th.

The company plans to attract local and international investor interest in EGP 600 million stake sale, Soliman elaborated.

Galina has “lined up at least 10 foreign and local institutional investors” that showed interest in bidding in a private placement. The firm is expected to sell 49% equity ahead of listing on the EGX, according to the chairman.

The company will issue 161 million new shares to the investors, with a goal to use the proceeds in funding its expansion plans, Soliman told the news service provider.

The IPO will include both the new and existing shares, the official highlighted.

Last year, the frozen fruit and vegetables producer reportedly invested EGP 87 million to build a new factory. It back then obtained EGP 37 million from banks.

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