On its first day of trading Sunday,
The company’s CEO
The company is offering 40% of the company’s shares on the stock market. It is the first such offering since the 25 January Revolution in 2011.
"The offering was oversubscribed 18.5 times, as recorded purchase orders for private market transactions reached 460.5m shares, while the volume of shares being offered for sale was only 24.9m, an allocation rate of nearly 5.4%," Magrina added.
The total demand for shares in the company through both public and private offering reached
According to Magrina, the offerings will serve to strengthen its ties with Egyptian government agencies.
He added that the initial public offering (IPO) does not aim to increase the company’s capital at this point, but rather to allow the exit of a group of Egyptian investors.
"There is no intention to offer any of the Spanish-held shares on the stock exchange in the future," he said.
Magrina declined to answer a question regarding his expectations for future profit growth in light of the government’s plan to raise energy prices for cement factories, saying only that "we are ready to use coal in the event of special ministerial approval on environmental standards."
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