Cairo – Mubasher: Hassan Allam Holding is looking to offer up to 44.3% of the company’s shares on the Egyptian Exchange (EGX), in addition to listing global depositary receipts (GDRs) on the London Stock Exchange (LSE).

Leading investment bank EFG Hermes and Renaissance Capital are working jointly as the global offering coordinators, and together with Arqaam Capital as the bookrunners for the offering, Hassan Allam Holding revealed in a statement on Monday.

The group is planning to use the capital increase proceeds in developing its solar assets portfolio in collaboration with Lightsource BP powered by Hassan Allam Utilities.

The Cairo-based company also aims at financing its water platform by developing new assets and acquiring a speciality engineering company, as well as supporting its continued growth in the construction and building materials businesses.

In March, Hassan Allam had acquired a 60% stake in Power Generation Engineering Services Company (PGESCO) for EGP 421 million.