Middle Eastern private equity firm Amwal AlKhaleej is seeking an initial share offering of Egyptian Propylene and Polypropylene Co. (EPPC) in the first quarter of 2018, regional head confirmed Tuesday.
Amwal AlKhaleej has 15 percent of EPPC, whose capital currently amounts to $276 million.
The planned IPO aims to finance EPPC’s future expansions in its petrochemicals plant, Amwal AlKhaleej’s regional director Karim Saada told Amwal Al Ghad on Tuesday.
The group seeks to increase the production capacity of its petrochemicals plant to 600,000 tonnes annually from 290,000 tonnes between three and four years, Saada said.
Investment bank EFG Hermes will act as the lead manager for EPPC’s listing on the Egyptian bourse, he added.
The shareholders in EPPC include Egyptian business tycoon Mohamed Farid Khamees, the Egyptian General Petroleum Corporation (EGPC), Amwal AlKhaleej, DISA Ltd., Amwal AlKhaleej, Arab Investment Company, and Oriental Petrochemical Co.