Cairo – Mubasher: Egypt-based SICO Technology is currently considering offering a stake on the Egyptian Exchange (EGX) soon in an effort to provide alternative financing channels.

SICO has hired Pharos Holding as an exclusive financial advisor to study funding alternatives and the initial public offering (IPO), a source familiar with the matter told Almal News.

The Egyptian mobile phones and tablets manufacturer is planning to pump investments worth EGP 1 billion over the next two year, in addition to adding new production lines in its factories in the Upper Egypt governorate of Assiut, according to the source.

SICO Technology is the first Egyptian brand specialised in the field of mobile phones.

In December, President Abdel Fattah El-Sisi inaugurated an electronics factory in Assiut Technology Park, which produces Egypt’s first smartphone.