Steel tycoon Abu Hashima’s Egyptian Media Company plans 2018 IPO says adviser
Egyptian Media Company, owned by tycoon Ahmed Abou Hashima, will raise at least one billion Egyptian pounds ($113 million) in an initial public offering in the first quarter of 2018, its lead advisor says.
Egyptian investment bank FEP Capital signed on Sunday an agreement with Egyptian Media Company to restructure and sell the company’s shares to the Egyptian stock exchange.
Egyptian Media Company will be registered on the stock market as a holding company by 2017 and raise up to 1 billion Egyptian pounds in 2018 after the IPO, compared to 882 million Egyptian pounds it plans to raise from existing shareholders by the end of 2016, FEP Capital’s Omar El Maghawry, said in a press conference on Monday.
“The proposition value will not be less than one billion pounds,” FEP Capital’s Omar El Maghawry, told Reuters on Monday.
On 15 May, Egyptian Media Company, owned by Abou Hashima, signed a contract to acquire tycoon Naguib Sawiris’ media outlets ONTV and ONLIVE. ONTV played an important role during and after the 25 January Revolution, as it hosted several political TV programmes.
On 1 June, Abou Hashima finalised an agreement to purchases 51 percent of Presentation Sports, which holds the rights to broadcast the Egyptian league matches, at a cost of 185 million Egyptian pounds.
On 6 June, Egyptian Media signed a contract to acquire 50 percent of the production company Egypt for Cinema, which is owned by producer and businessman Kamel Abu Ali.
