Cleopatra to Start Study on Egypt Bourse IPO by Mid-2015

Egypt’s largest ceramics maker, Cleopatra Group will conduct a study by mid 2015 in preparation for selling some of its shares in the local bourse, chairman Mohamed Abul-Enein announced.

Speaking to Amwal Al Ghad on Wednesday, the Egyptian business tycoon said the anticipated study would determine the amount of shares to be floated in an initial public offering on the EGX as well as demonstrate the listing requirements and procedures.

Listing on the Egyptian bourse is set to finance the Group’s strategy for the coming period to upgrade its factories and pump new tourist and real estate investments, Abul-Enein noted.

Cleopatra has recently injected new investments worth EGP 100 million (around US$14 million) so as to carry out new expansions and to upgrade the production lines of its factories.

In the light of its recent investments, Cleopatra is seeking to run its factories at maximum capacity in the coming period, the chairman said in an earlier statement to Amwal Al Ghad.

He also referred to Cleopatra’s plan more future investments, notably in its tourist projects located in Marsa Alam and Hurghada.