Prime Says to Finalise Misr Italia’s IPO on Egypt Bourse in Q1

Egypt’s financial service company Prime Holding plans to complete a 20% share sale of Misr Italia on local bourse within first quarter of 2015, chairman Mohamed Maher announced.

Speaking to Amwal Al Ghad on Wednesday, Maher stated that Prime is currently undergoing the restructure process for Misr Italia, which will be finalised within next December.

As part of a funding strategy to meet with the company’s future expansions, Misr Italia has decided to launch an initial public offering (IPO) for 20% of its stake on the Egyptian Exchange (EGX). The company’s capital is worth more than one billion Egyptian pounds (around $140 million).

Misr Italia operates in Egyptian real estate, touristic development and interior decoration market. The company was established in 1981, According to the company’s Website.

The company has projects in different locations in Egypt like Red sea, South Sinai, and new cities in Cairo.

Meanwhile, Prime’s chairman further clarified that his company aims to enter more talks with companies operating in various sectors, notably the real estate so as to get benefit from the current listing facilities offered by the EGX.

Prime manages assets totalling 3.5 billion Egyptian pounds. Its asset under management (AUM) portfolio encompasses the assets owned by 11 mutual funds, some banks and insurance firms in addition to a number of financial portfolios for state-owned institutions such as Egypt Post and the Industrial Development Authority (IDA).