By: Mahmoud Salah El Din

Cairo – Mubasher: Inter-Cairo Aluminum Extrusion plans to complete the listing of 30% of its stocks on the Egyptian Stock Exchange (EGX) by the end of August 2016 through a partial divestiture of its major shareholders, CEO Mohsen Moussa AbdelKader said on Wednesday.

The company plans to finance its expansions through a bourse listing, the CEO told Mubasher in a phone interview, adding that the prospectus will include details about the expansions. However, he declined to disclose the value of the listing.

The company received an approval from the Capital Market Authority (CMA) to price its share at EGP 7.13.

Inter-Cairo Aluminum is also planning to increase its market share both locally and board by 10% annually. According to its website, the company currently owns 4 factories in 6 of October city.

The aluminum extrusion firm reported a net profit after tax of EGP 9.6 million in 2015, down from EGP 78 million in 2014. Its sales in the local Egyptian market reached EGP 539 million in 2015, whereas its total production reached 39,000 tonnes.

Translated by: Nada Adel Sobhi