Prime Group Egypt plans IPO of two subsidiaries this year

Prime Group Egypt plans to list two subsidiaries, Prime Hospitality and Prime Real Estate on the Egyptian stock exchange (EGX) within the current year, its chairman said on Saturday.

Tamer Wagih made the announcement to the local press, without specifying the volume of shares in the two subsidiaries that Prime planned to offer to investors.

The company is currently studying the planned listings and should have a clearer picture by the end of the first quarter of the year, Wagih said.

Prime Group was set up in 1995 as a construction company, but later expanded to tap various sectors, including foreign trade, tourism, food, and pharmaceuticals.