An official listing request has been filed by Nile Sugar, owned by Egyptian business tycoons, the Sawiris family, to list its stock in Egypt’s stock market (EGX) according to Youm7.
The company is expected to finish the listing procedures within a week, the news website added.
Listing Nile Sugar in the stock exchange will be an addition due to its capital size that exceeds EGP one billion. In addition, the company achieves high profitability, which would attract local and foreign investors and would stimulate the market, sources in the stock exchange told Youm7 website.
According to the company’s website, Nile Sugar was set up in 2007 to build, operate and manage a beet root sugar extraction plant and refinery. The plant is located in Nubariyah, along the Alexandria desert road, 50 kilometres from the Port of Alexandria. The sponsors of Nile Sugar are Onsi Sawiris & Naguib Sawiris. Project’s investment is EGP 1.63 billion.