Beltone says braces for four new Egypt IPOs in 2017

Egypt’s investment bank Beltone Financial is planning to make four new initial public offerings in the local market within the first four months of 2017, head of brokerage announced Tuesday.

Ahmed Salem told reporters that he expects the planned IPOs would worth 2 billion Egyptian pounds ($110.8 million).

The IPOs will involve listing around 40 percent of Egyptian dairy maker Obour Land’s shares for 800 million pounds, and 35 percent of El Farasha for Manufacture and Printing Packing Materials for 350 million pounds, Salem said.

Beltone still awaits the financial advisor’s studies to float some shares in MTI for industry and international trade, whose IPO is expected to reach 400 million pounds approximately, the Egyptian official added.

As for the fourth company, Beltone seeks to complete listing of Egypt Foods Group within the first quarter of 2017 after determining the fair value of the IPO, Salem concluded.