ICEC

Egyptian Steel Plans IPO for 25-30% of Capital in 2015

Egyptian Steel Company, which currently produces 300 thousand tpa, is gearing up for converting into a public company through an initial public offering for 25-30% of its shares on the Egyptian Exchange (EGX) in 2015, said Chairman Ahmed Abou Hashima.

The steel producer operates with paid-in capital of more than EGP 2 billion ($290 million).
In an interview on the sidelines of Reuters ME Investment Summit, the top official stated that his company hired three advisors for the IPO, adding that the share issue should be carried out after ensuring that the company is strong and well prepared and that the market is improving.

Egypt’s stock market has not seen any initial public offerings since the one launched by Amer Group in November, 2010.

Asked about the IPO value, Abou Hashima declined to disclose it, but affirmed that it would be a major share offering.

Egyptian Steel is an Egyptian-Qatari investment equally owned by businessman Abou Hashima along with his Qatari partner Mohamed bin Suhaim Al Thani.

 

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