Cairo – Mubasher: Arabia Group for Real Estate Investment announced that it plans to float 20% to 30% of its shares on the Egyptian Exchange (EGX).

The company’s initial public offering (IPO) is expected to take place before the end of 2018, company chairman Tarek Shoukry said.

The IPO is aiming at increasing the company’s capital to finance future projects and expansion, Shoukry added.

The Egyptian real estate developer has not appointed an advisor for the offering yet, but it will choose one of the local companies in the near future, according to the chairman.