Construction firm El-Tawfikia plans 20-25% IPO on Cairo bourse – adviser

Egypt-based financial service company Premiere Holding says it is running an initial public offering (IPO) for developer El Tawfikia for Construction and Development on the country’s stock market.

Speaking to Amwal Al Ghad on Tuesday, Ahmed Adel – Premiere’s Chairman – said his firm plans to complete procedures required to list 20-25 percent of El Tawfikia’s shares on the Egyptian bourse by the end of the first quarter of 2016.

Tawfikia is running assets for investments worth more than 700 million Egyptian pounds (US$89.4 million), mostly in sectors of contractor businesses and construction, he added.