Cairo – Mubasher: Energy Technologies Information System (Giza Systems) is looking to offer a 35% stake on the Egyptian Exchange (EGX) by the end of 2019.

The offering will witness a partial exit of a number of the main shareholders in the company, sources told Alborsa News.

Sources added that B Investments Holdings, the main shareholder in the company is considering a partial exit from its 68.04% stake in Giza Systems through an offering on the EGX.

Last month, the board of Giza Systems requested technical offers from investment banks working in the market to manage the initial public offering (IPO) and CI Capital’s offer was almost the winner, according to sources.

The company aims to expand in Western Africa in early 2019, sources noted, pointing out that the expansion plan will cover the French-speaking African countries by 2020.

Giza Systems plans to invest $5 million to $7 million in the African markets in 2019 through acquiring a number of the existing firms.