Delta Cement plans to IPO 50% of its shares in the Egyptian stock market in the second half of 2014.
The vice chairman of Egypt-based Prime Holding for Financial Investment Mohamed Maher stated that his firm will lead the initial public offering for 50% of Delta Cement’s shares in the Egyptian Exchange in H2/2014.
The IPO step comes within the framework of Delta Cement’s strategy to increase its capitalization to EGP 1.2 billion (US$167.8 million) from EGP 300 million (US$42 million). The company seeks to benefit from the current market attractiveness, with the aim for increasing, Maher noted
In addition, Prime’s vice chairman further said his company is currently undergoing comprehensive studies on the Delta Cement’s capital hike process.
It comes after Arabian Cement Company’s IPO, the country’s first since the 2011 uprising that ousted President Hosni Mubarak, were launched and shares started trading earlier this month.