Solb Misr defers 20% IPO in Cairo bourse until H2-2015
Egyptian steel group Solb Misr decides to delay share sale of 20 percent in Cairo bourse until the second half of 2016, chairman Gamal El-Garhy told Amwal Al Ghad Sunday.
El-Garhy has attributed the postponement decision to the lack of liquidity in the local stock market in the current phase.
Solb Misr’s IPO is part of its expansion strategy to pump new investments and to establish two new factories for iron production.
Solb Misr produces a wide range of steel by-products, semi-finished, finished and downstream steel, in keeping with international standards. It operates through an integrated steel complex that produces steel from raw material. It is comprised of a Direct Reduction Plant, 2 melting shops and 4 rolling mills, all located in the Suez area.
