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Enppi's 24% IPO sale on EGX underway - CI Capital

Enppi's 24% IPO sale on EGX underway - CI Capital
Enppi’s IPO has been delayed due to legal obstacles regarding global offerings.
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Cairo – Mubasher: Engineering for the Petroleum and Process Industries (Enppi) will float a 24% stake on the Egyptian Exchange (EGX) and foreign investors would be allowed to invest in, CI Capital’s chairman and CEO Mahmoud Atallah told state news agency MENA on Tuesday.

Enppi’s initial public offering (IPO) has been delayed due to legal obstacles regarding global offerings, Atallah highlighted.

He also noted that CI Capital is planning to boost Reefy Micro Finance Enterprise Services Co’s capital, as well as consider its floatation on EGX.

CI Capital has recently acquired an 80% stake in Reefy.

In August 2017, Egypt’s investment minister said that Enppi’s IPO is set to be launched in the first quarter of 2018.

Egypt is at pains to attract $10 billion investments as part of the government's IPO programme within the coming three years.