Industrial Investors to Launch Holding firm in Suez Canal with EGP6 bln

Big 5

Industrial investors syndicate in Egypt is planning to review the possibility of launching joint holding firm in order to invest within Suez Canal Axis Development project with capital worth EGP6 billion.

Head of Syndicate Mohamed Geinedy asserted that it is schedule to hold a meeting by next Saturday to discuss this project, stressing that the firm will be an integration between the holding company in which the Syndicate is seeking to launch with EGP5 billion and Investors Federation Holding Company with EGP1 billion capital so as to take part in the new project.

It is expected to put around 60% of Suez Canal Holding shares worth EGP 1 billion to an Initial Public Offering (IPO) in two months, Geinedy added.

Furthermore, he told Amwal Al Ghad that the measures of implementing the firm will take around 3 months. He noted that Suez Canal project is real breakthrough for the industry in light of the country’s keenness to focus dramatically on factories and national companies.