News Column

Egypt's Arabian Cement to announce IPO price on 10 May

April 29, 2014

Daily News Egypt

Reuters – Egypt'sArabian Cement Company has set an indicative price range for its planned stock market listing at between EGP 8.45 and EGP 9.55 ($1.37), with trading to begin on or around 21 May, Chief Executive Jose Maria Magrina said on Monday.

The deadline for buying orders will be on 8 May for private placement and 13 May for retail investors. The price of the initial public offering (IPO) will be announced on 10 May, he told Reuters in emailed statements.

It will be the first major IPO on the Egyptian stock exchange since the overthrow of autocrat Hosni Mubarak in 2011.

Magrina told Reuters in an interview earlier this month that the firm was looking to sell a stake of between 22.5% and 30%, adding that its capital was worth around EGP 757m.

The group has production capacity of 5m tonnes a year and a market share of around 8%.

Magrina said on Monday that the IPO would facilitate the exit of some of the minority investors that have been with the company for more than 15 years.

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Source: Daily News Egypt

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