Cairo - Mubasher: Garhy Steel is planning to offer 25% of its shares on the Egyptian Exchange (EGX) during the first quarter of 2018, chairman Gamal El Garhy told Al Masry Al Youm on Monday.

The Egyptian company hopes to raise EGP 3.6 billion needed for its $200 million pelletising plant and $250 million smelting and rolling plants.

A local investment bank is managing the IPO procedures, El Garhy said, declining to share any further details.

The firm targets to increase its output of billet to 1.2 million tonnes annually, which will save 80% of pig iron needs and will diminish billet imports to 300,000 tonnes annually.

Garhy Steel intends to set up another smelting and rolling plant with a production capacity of 500,000 tonnes annually to reach a total production capacity of 2 million tonnes annually, he concluded.