Cairo – Mubasher: Hassan Allam Holding has not decided yet the size of shares it will offer on the Egyptian Exchange (EGX).

The company could launch the initial public offering (IPO) on the Egyptian bourse during the fourth quarter of 2018, a top official at Hassan Allam told Enterprise.

He stressed that the figures published by media on the IPO value are inaccurate, noting that the share sale has not been determined yet and it will be lower than the published.

It is worth noting that sources had told Almal newspaper that Hassan Allam was expecting the Financial Regulatory Authority’s (FRA) preliminary sign-off on the IPO within weeks.

These sources pointed out that main shareholders in the Egyptian company would give up some of their holdings, expecting a capital increase.

In May, sources told Enterprise that Hassan Allam had hired EFG Hermes and Renaissance Capital to work jointly as the IPO’s global arrangers, while Arqaam Capital will be the bookrunner.