Cairo - Mubasher: Gulf investors have dominated around 30% to 35% of the total orders on the private offering by Sarwa Capital, according to the head of the brokerage sector at Beltone Financial Holding.

Sarwa Capital Holding for Financial Investments total demand reached around EGP 21 billion, with oversubscription amounting to 10.8 times, Mustafa Abdulaziz told Mubasher on the sidelines of the press conference in which the offering was announced on Tuesday.

Egyptian investors accounted for nearly 30% of the purchase orders.

Institutions dominated 55%, with 20% for the local private sector, and 35% for foreign companies,

Around 80% to 90% of the liquidity is from outside the market, Abdulaziz added.

The private offering is comprised of 265,650 million shares at a value of EGP 1.96 billion.

The offering is set to be closed on Wednesday, 10 October, with 29.517 million shares offered.

Last week, managing director of Sarwa Capital Hazem Mousa said that the company plans to raise as much as EGP 2 billion in proceeds from its IPO on the EGX, with plans to direct nearly EGP 700 million of the proceeds to boost its capital.