MG Developments to float share on Egyptian bourse at end-2019
Egypt’s MG Developments says it plans to sell some of its stakes on the local stock market at the end of 2019 and raise its capital to finance new real estate flagships in various sectors.
These sectors are housing, administrative, commercial, and touristic, said MG’s chairman Mohammed Metawee on Tuesday, adding that his company targets expansion in the local market to contribute to increase the Egyptian economy.
Metawee referred that MG is currently getting ready for the preliminary listing on the Egyptian Exchange (EGX), through preparing for the initial public offering (IPO) and reviewing the stock’s fair value.
“The company’s issued capital amounts to 1.7 billion Egyptian pounds ($94.8 million), while the paid-up capital reaches 110.50 million pounds,” he said.
Moreover, the Egyptian official referred that MG is currently finalising its tourism and entertainment flagship Blue Blue Resort in Ain Sokhna, 120 km (74.5 miles) east of Cairo.
“The project will be completed on a space of 120,000 square metres in four phases within 2021,” Metawee stated, saying that Blue Blue is with investments worth two billion Egyptian pounds ($111.4 million).