Arabian Cement to Begin Steps towards Listing in Egypt Bourse

During a meeting held Monday afternoon between Dr. Mohamed Omran, Chairman of the Egyptian Exchange (EGX) and Mr. Jose Maria Magrina, CEO of Arabian Cement Co., it was agreed that the company will start this week the procedures of listing on the Egyptian bourse (EGX).

The meeting was attended also by representatives of the lead managers EFG-Hermes and CI Capital.

Omran said a meeting will be held between the company’s chief executives, the lead managers and EGX officials to set the mechanisms for the stock listing. He stressed the stock market’s efforts to lure more share listings of huge entities.

For his part, Magrina pointed out that his company has a share reaching 10% of the local cement market. He added that his company plans to float 22.5-40% of its EGP 757 million capital.

The top official also added that the final amount of shares to be offered to the public would be defined based on investor turnout for the offering that is planned for early Q1-14.