By Rami Sameeh
Cairo-Mubasher: Fahd Al Othaim, chief executive of Abdullah Al-Othaim Leisure and Tourism Co., told Mubasher in an exclusive that his group is establishing a Saudi-Egyptian company.
He added that the establishment is likely to be ended in January 2015.
Egypt-based Amer Group signed on Dec. 20 an agreement with Al-Othaim Group to establish an entertainment city in Porto Cairo Mall, New Cairo, with investments estimated at nearly EGP 60 million ($8.4 million).
“We may list the new company on the Egyptian bourse, but we still await our businesses to reach advanced stages in the Egyptian market before taking a final decision in this regard,” Al-Othaim said.
The Egyptian Exchange has not witnessed any initial public offerings since Amer went public in November 2010.
“We have a company listed on the Saudi market – Al Othaim Markets – operating with SAR 450 million capital. We consider listing in other markets,” Al-Othaim said.
Translated by Abdul Maguid Aboshahla
Photo Credit: Arabianeye-Reuters