Egypt’s Ghazl El Mahalla Football Co. to raise $8.6mln in IPO in Q3 2021

Club owner Cotton & Textile Industries Holding will finish new factories in Q3 2022

  
A trader works at the Egyptian stock market in Cairo .

A trader works at the Egyptian stock market in Cairo .

REUTERS/Mohamed Abd El Ghany
 
CAIRO: Ghazl El Mahalla Football Co. intends to sell a 135 million Egyptian pounds ($8.6 million) stake through an initial public offering by August or September of this year, according to Public Business Sector Minister Hisham Tawfik.

Ghazl El Mahalla SC is one of the biggest football clubs in Egypt and is currently 12th in the Egyptian Premier League. Its owner is a subsidiary of Cotton & Textile Industries Holding Company.

Cotton & Textile Industries is building factories in El-Mahalla El-Kubra city that it expects to be fully operational before the end of the third quarter of 2022, Tawfik told Asharq.

The new factories will help the company increase production to 188,000 tons of yarn, up from 35,000 tons at present, giving it about two-thirds of the market in Egypt.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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