Cairo – Mubasher: Unionaire Group plans to offer about 30% of its shares in an initial public offering (IPO) on the Egyptian Exchange (EGX), the company has said.

The Egypt-based company’s IPO will be carried out on two phases, the first of which is an exit deal and the second is a capital increase, according to Al Borsa newspaper.

Egyptian and Saudi investors will offer their shares in Unionaire on the EGX, but the number of offered shares has not been determined yet, the newspaper added.

KPMG Hazem Hassan Financial Consultancy and Auditing is collaborating with EFG Hermes to restructure Unionaire Group, while Matouk Bassiouny and Sarie-Eldin & Partners will act as legal advisors to the deal.