Egypt’s Hassan Allam to sell 44.3% of shares in Cairo, London

Egyptian construction and engineering group Hassan Allam said on Monday that it would list up to 44.3 percent of its shares on the Egyptian Exchange and the London Stock Exchange.

The company said it intended to use the proceeds to develop solar assets, fund its water platform, acquire a speciality engineering company, and support continued growth in construction and building materials businesses.

It did not give a date or pricing information for the share offer.

Renaissance Capital and EFG Hermes will be joint global coordinators for the sale, and together with Arqaam Capital will also act as joint bookrunners, the company said.

It said the selling shareholders were the Hassan Allam family, which collectively owns an 86.2 percent stake in the company, as well as the International Finance Corporation, which owns a 13.8 percent stake.

The announcement of the sale comes amid a surge of private and public offerings that will test investor appetite in Egypt at a time of emerging market turbulence.

Source: Reuters