Al Tawfeek Leasing plans to sell more shares in Egypt IPO

Egypt’s Al Tawfeek Leasing (A.T. LEASE) plans to sell larger stake in its anticipated initial public offering on the local stock market.

The Shariah-complaint leasing company, part of the Saudi lender Dallah Albaraka Group, will sell 24 percent of shares, instead of 15 percent on the Egyptian stock  exchange, its chairman Tarek Fahmy told Amwal Al Ghad on Thursday.

The auditor will peg the fair value of A.T. LEASE before the end of this year so as to start the listing process within 2018, Fahmy said.