Cairo – Mubasher: Hassan Allam Holding is looking to offer a 30-35% stake of its shares on the Egyptian Exchange (EGX) in the first half of 2019.

The initial public offering (IPO) will include a capital hike and the sale of some of the company’s existing shareholders’ stakes, sources told Reuters on Thursday.

The offering is likely to be the biggest on the Egyptian bourse since end-2016, the sources said.

Hassan Allam’s family holds an 86.2% stake in the company, whilst the International Finance Corporation (IFC), the World Bank’s private sector arm, owns 13.8% of it.

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 would be the bookrunner.

The law firm Matouk Bassiouny will act as the legal advisor to the issuer, the sources pointed out.