UMS to list 20-30% of its shares on Egypt’s stock exchange
The United Media Services (UMS), the largest media conglomerate in the Middle East and North Africa region, announced on Saturday it plans to list its shares on Egypt’s stock exchange (EGX).
During a press conference to announce its “achievements in the past five years and announce its future plans”, UMS said it would list between 20 and 30 percent of its shares in the EGX to retain the majority.
A New Cutting-edge regional news channel
The group also said it will launch a cutting-edge regional news channel soon.
This channel is planned to be “a modern regional news channel based on the latest technical systems, presenting Egypt’s regional and local vision through public debate, and even criticism and analysis,” UMS added during the press conference.
It will target both Egyptian and Arab audiences, within the coverage range of the Egyptian satellite Nilesat, in addition to Arabic speakers in Europe, the United States, Canada, and Australia via IPTV services.
The UMS said it had already started the preparations for the channel at the Media Production City.
During the press conference, UMS announced Hassan Abdallah, an Egyptian banking cognoscenti, as new Managing Director, succeeding Tamer Morsi, who will remain on the board alongside Mohamed Samir, Mohamed El-Saadi, Ashraf Salman, and Amr Al-Fiqi.
The UMS refused criticisms of monopolising the market, saying that “this year we have cooperated with five production companies.”
The group “does not represent the state, but it is simply a company that cooperates with other companies,” it added.
UMS has more than 30 subsidiaries, including media production, advertising, and communication agencies for both below the line and above the line communications. It has its various media outlets, including ON TV Network, El-Hayah TV Network, CBC TV Network, Extra News channel, and Al-Youm7 newspaper.