Login to your account

Username *
Password *
Remember Me

Hassan Allam Holding, a construction and engineering group headquartered in Cairo, Egypt, and serving national, regional and global clients in the Middle East and North Africa, announced today its intention to proceed with a public offering of up to 44.3% of the Company’s existing ordinary shares currently owned by the Selling Shareholders in (i) an institutional offering of ordinary shares to be listed on the Egyptian Exchange (EGX) and global depositary receipts (GDRs) representing ordinary shares to be listed on the London Stock Exchange (LSE), and (ii) a separate domestic offering of ordinary shares in Egypt.

 

The Selling Shareholders are the Hassan Allam family which collectively owns an 86.2% stake in the Company, as well as the International Finance Corporation which owns a 13.8% stake in the company.

Following completion of the Offering, the Company will offer to the Selling Shareholders by way of a Closed Subscription the right to subscribe for up to the equivalent of USD 70 million in newly-issued shares at the Offer Price (Capital Increase), subject to certain conditions.

 

The Group intends to use the proceeds raised from the Capital Increase to (a) develop a portfolio of solar assets under Lightsource BP powered by Hassan Allam Utilities, (b) fund its water platform by developing new assets and acquisitions, and (c) acquire a specialty engineering company and support continuing growth under the construction and building materials businesses.

 

EFG Hermes Promoting and Underwriting and Renaissance Capital are acting as Joint Global Coordinators, and together with Arqaam Capital are Joint Bookrunners for the Offering.

 

About Hassan Allam Holding SAE

Hassan Allam is one of the leading general contractors in Egypt, with the Hassan Allam family operating in the construction business since 1936, making the firm one of the oldest and one of the most recognized construction franchises in the MENA region. The Company operates a wide range of complementary business lines that provide engineering, procurement and construction services. The Group’s main market is in Egypt and it operates overseas through subsidiaries in Saudi Arabia and Algeria and is opportunistically open to pursue overseas prospects. Hassan Allam’s headquarters are located in Egypt where it employed more than 34,000 individuals, including those on permanent contracts, daily workers and outsourced casual workers, as of 30 June 2018.

 

We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Use.