Cairo – Mubasher: MG Developments plans to offer a stake of its shares on the Egyptian Exchange (EGX) by the end of 2019, as well as raise its capital to finance new real estate projects.

The real estate developer is currently getting ready for the preliminary listing on the Egyptian bourse by preparing for the initial public offering (IPO) and reviewing the stock’s fair value, chairman Mohammed Metaway.

The Egypt-based company aims to boost its capital through the anticipated IPO, in addition to increasing financing in new real estate projects that the company plans to implement over the next period, he added.

Most of the projects will be 100% financed through the previous resources of MG Developments’ projects, he highlighted.

The chairman added that the company’s issued capital amounts to EGP 1.7 billion, while the paid-up capital stands at EGP 110.50 million.

In April, MG Developments unveiled it had pumped EGP 400 million in the first and second phases of its Blue Blue Resort El Sokhna since the beginning of the project in 2016.