Egypt’s El-Garhy Steel in talks with bank for IPO in H2

Egyptian steel manufacturer El-Garhy Steel Group says it is working with one of the investment banks on an initial public offering aimed at raising money to accelerate an expansion drive across the country.

The company plans to float 25 percent of its shares on the local stock market during the second half of 2018, Gamal El-Garhy told Amwal Al Ghad.

The bourse listing is designated to secure an additional liquidity needed to finance the group’s planned expansions and investments, El-Garhy added.

The group seeks to boost its production capacity to reach 2.4 million tonnes, El-Garhy said. “We’re keen to pump new investments in the local market to best benefit from the Ministry of Trade’s ongoing decree to impose temporary anti-dumping duties on rebar from China, Turkey, and Ukraine.”