Evergrow to float 25% of its shares on Egypt’s stock exchange by 2021-end

Egyptian fertilizer company Evergrow is planning to sell a 25 percent stake in an IPO on Egypt’s stock exchange (EGX) by the end of 2021 due to coronavirus, according to Chairman Mohamed El Kheshen.

El Kheshen told Amwal al Ghad that the company will wait until the fertilizers sector recovers from the after effects of coronavirus economic fallout.

The sector has experienced a lower demand as export rates have shrunk by 37 percent during the current period, he added, explaining that it is expected to recover by mid-2021.

The planned initial public offering is to provide additional financing tools to boost Evergrow’s expansion plans in the local market, which include the establishment of two mega projects in Aswan and Sadat City on an area of 920,000 metres with investments amounting to about 19 billion Egyptian pounds ($1.2 billion).