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Egypt’s home appliance maker denies EGX listing plan

Egypt’s home appliance maker denies EGX listing plan
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By Ahmed Allam

Cairo – Mubasher: Egypt-based home appliance maker El-Araby Group is not planning a float of any stakes on the Egyptian Exchange, announced Moheiddin Mahmoud El-Araby.

Speaking exclusively to Mubasher on the sidelines of opening a new plant in partnership with Philips, the official added that the group wishes to remain a closed shareholding entity.

The group has achieved EGP 7.2 billion business value in 2014, said the official; however, he declined to give further details about target figures for 2015 due to competition.

Translated by Sayed Abdel Rahman