ICEC

Egypt’s Al Tawfeek Leasing says IPO to run Dec.19-24

Egypt’s Al Tawfeek Leasing (A.T. LEASE) will start an initial public offering (IPO) on December 19, the firm said on Sunday.

The Shariah-compliant leasing company, part of the Saudi lender Dallah Albaraka Group, set it IPO share price at 6.93 Egyptian pounds ($0.388) and the sale will be equivalent to 24 percent of its total equity.

The IPO will run from Dec.19 to Dec. 24, the firm added.

Al Tawfeek appointed Egyptian investment bank Pharos Holding as bookrunner for the offer.

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