Cairo – Mubasher: Taaleem Management Services, a minority-owned investment of CI Capital Holding for Financial Investments, announced a plan to float its shares in an initial public offering (IPO) on the Egyptian Exchange (EGX).

The company submitted its registration application to the Egyptian Financial Regulatory Authority (FRA) to list its shares on the Egyptian bourse, according to a statement on Thursday.

The offering is projected to include a secondary sale of up to 357.82 million ordinary shares, representing 49% of the company’s shares, by Sphinx Obelisk B.V.

As of fiscal year 2019/2020, Taaleem registered revenues of EGP 450 million and adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of EGP 241 million.

In August 2019, CI Capital, along with other co-investors, acquired 60% of Taaleem’s shares. CI Capital owns a direct and indirect stake of about 16.5% in Taaleem.