|19 August, 2019

Egypt’s ITDA mulls offering wholesale market firm in IPO

Holding Company for Food Industries and General Authority for Supply Commodities (GASC) will own shares in the to-be-established company.

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany

Cairo –  Egypt’s Internal Trade Development Authority (ITDA) is currently considering the flotation of the to-be-established wholesale market management company in an initial public offering (IPO) in the coming period, the Middle East News Agency (MENA) reported, citing the head of ITDA, Ibrahim Ashmawi, as saying.

The company will be established with a capital of EGP 100 million by the end of 2019 in collaboration with commercial banks, investments banks, and private-sector companies, Ashmawi revealed.

Holding Company for Food Industries and General Authority for Supply Commodities (GASC) will own shares in the to-be-established company.

Moreover, a commodities exchange will be launched by ITDA by the end of this year, he noted.

Source: Mubasher

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