Egyptian stock exchange (EGX) approved the listing of Nile Sugar Company, a private beet-based sugar mill owned by the Sawiris family, chairman Mohamed Omran announced Thursday.
The company’s capitalisation exceeds EGP 750 million (US$104.8 million).
EGX welcomes new share listings, as this lures investors, Omran told state-owned news agency MENA. He added that several major companies in the real estate and telecommunications sectors will reveal initial public offering (IPOs) plans in the coming period.
Omran also said the bourse is gearing up for new listings of companies that will operate in the Suez Canal project, which will constitute a pivotal stage for the stock market.
According to the company’s website, Nile Sugar was set up in 2007 to build, operate and manage a beet root sugar extraction plant and refinery. The plant is located in Nubariyah, along the Alexandria desert road, 50 kilometres from the Port of Alexandria. The sponsors of Nile Sugar are Onsi Sawiris & Naguib Sawiris. Project’s investment is EGP 1.63 billion.