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Foreigners make up 70% of Cairo Investment’s private offering

Foreigners make up 70% of Cairo Investment’s private offering
Foreign investors’ share of the private offering accounts for nearly 70% after privatisation
CIRA Education
CIRA
-0.57% 12.25 -0.07

By: Ahmed Allam

Cairo – Mubasher: Orders by institutional investors and investment funds on Cairo Investment and Real Estate Development’s private offering varied between the US, London, Dubai, and Egypt, co-head of Investment Banking at EFG Hermes Mostafa Gad said on Monday.

Foreign investors’ share of the private offering accounts for nearly 70% after privatisation, Cairo Investment’s managing director Mohamed El Kalla highlighted.

By 10:07 am Cairo time, Cairo Investment’s stock jumped by 17% at the beginning of its first trade on the Egyptian Exchange (EGX) to EGP 7.03.

The Egyptian bourse previously stated that trading on Cairo Investment’s stock is set to commence as of 1 October.

The initial public offering (IPO) of Cairo Investment was oversubscribed by 18.87 times.

In September, Cairo Investment said had set an indicative price ranging between EGP 5.45 and EGP 6.3 per share to its stake offered for sale on the EGX.