Egyptian real estate developer Misr Italia Group is seeking to raise about 1.5 billion Egyptian pounds (Dh305 million, $82.5 million) from a share sale on the country’s stock exchange that is expected to take place by May.
The Cairo-based company plans to sell 20 per cent to 25 per cent of its shares, according to co-Chief Executive Officer Mohammad Al Assal, and has hired Beltone Financial as the initial public offering manager. The roadshow for the sale is planned to take place in April in Arabian Gulf countries.
“We will use the proceeds to complete some ongoing projects as well as new ones,” Al Assal said in an interview in Cairo. “We see a lot of opportunities for co-development projects with the government in the future.”
Egypt’s bourse expects the biggest number of IPOs this year since 1998 with a value that will be the highest in the country’s history after last year’s currency float. The government expects to raise about 6 billion pounds from IPOs of state-run entities in the coming fiscal year that starts in July. It has listed Banque Du Caire SAE to kick off its share sale programme.