Redcon mulls listing 30% stake on Egypt's EGX with appropriate market conditions

The investment bank was not chosen to manage the offering process, but that during the coming periods, the offering procedures will continue to be taken according to market conditions: chairperson

  
Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany

Egypt - Tarek El-Gammal, Chairperson of Redcon Development, revealed that the company is preparing to offer the company on the Egyptian Exchange during the coming period to finance its future expansions, provided that the final timing of the offering will be determined according to an assessment of market conditions, especially with the expected repercussions of the fourth wave of the Coronavirus.

He added that 30-40% of the company will be offered, but the final percentages and the value of the offering will be finally determined according to the company’s fair value report.

He pointed out that the investment bank was not chosen to manage the offering process, but that during the coming periods, the offering procedures will continue to be taken according to market conditions.

He pointed out that there has been a major increase in the size of Egyptian contracting companies and the number of workers in them due to the implementation of a large urban development volume during the recent period, which also contributed to increasing the expertise of Egyptian contracting companies and their ability to compete globally.

He pointed out that the presence of Egyptian contracting companies has become more widespread in Africa during the recent period, which opens the way for the repetition of the experience and the presence of more contracting companies outside Egypt and in Africa in the coming period.

© 2021 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities