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Hassan Allam eyes floating 35% stake on EGX

Hassan Allam eyes floating 35% stake on EGX
The share sale will take place by increasing the company’s capital

Cairo – Mubasher: Hassan Allam Holding is looking to float a 30% - 35% stake on the Egyptian Stock Exchange (EGX) in October.

The share sale of the Egyptian real estate developer will take place by increasing the company’s capital, along with a partial exit of some major shareholders, sources told Al Borsa News.

They noted that EFG Hermes and Arqaam Capital have been appointed to lead-manage the initial public offering (IPO) of the leading property firm, while the independent law company Matouk Bassiouny named a legal advisor.  

Hassan Allam will inject the offering's proceeds into real estate projects after the exit of some major shareholders, sources said, stressing that International Finance Corporation, the World Bank's private investment arm, would maintain its stake in the Egyptian company.