Egypt’s American Automotive; First Arab Firm Listed On NASDAQ
American Automotive Group has become the first firm in Egypt as well as in the Arab world listed on one of the biggest stock exchanges in the world by market capitalization and trade value – NASDAQ.
Mansour ElBarbary, Chairman of BIG Trade and Investment (BIGP), said in a statement to the Turkish Anadolu Agency that American Automotive Group – a BIG subsidiary – has been listed on NASDAQ . He announced that the stock will debut on the U.S. exchange at $4.
He also stated that BIG Trade and Investment plans to raise its capital to EGP 50 million so as to be listed on the main market – the Egyptian Exchange (EGX).
American Automotive has agreed on all the terms with the Nominated Advisers (Nomads) on listing the stock on NASDAQ, ElBarbary added.
It is worth noting that the EGX administration decided on Tuesday to suspend trading for the NILEX-listed BIG Investment and Trade (BIGP) awaiting the firm’s comments on the news published by one of the newspapers regarding listing its stock on NASDAQ.
BIG Trade and Investment’s issued capital is valued at EGP 10 million (around $1.6 million) distributed to 10 million securities in which the equity rights amount to EGP 2.11 million and the par value is EGP 1 a share; while the market value is EGP 32.2.
B.I.G. – ElBarbary Investment Group, founded in 2008, is a holding company and global provider of automotive auto parts‚ original equipment manufacturer (OEM)‚ automotive feed products and aftermarket spare parts.
on March 26th, BIG Trade and Investment’s Board of Directors decided to apply for initial listing in NASDAQ. ElBarbary was mandated to open negotiations with one of the companies that are traded in the USA through sponsored ADRs and with one of the US law firms so as to start applying for initial listing to NASDAQ.
Mansour ElBarbary is the founder and the CEO of the El Barbary Investment Group which is known as BIG Trade and Investment (BIGP). Stocks of BIG Trade and Investment are listed in the Egyptian Exchange for the Small and Medium enterprises (NILEX) since June 2010.
