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Monday, 16 May 2016

Al Rashidy Al Asly plans to IPO next year

Confectioner Al Rashidy Al Asly (not to be confused with Rashidy El-Mizan, which Qalaa Holdings sold to Saudi Arabia’s Olayan Financing Company in November) has plans to IPO on the EGX sometime next year, company sources tell Al Borsa. UK-based frontier markets private equity firm Silk Invest, the majority shareholder in Al Rashidy Al Asly, is leading the listing and will apparently take steps in that direction today. The past two years have seen Al Asly achieve profitability on the back of sales growth and exports. The company, founded in 1888, is in talks with distributors in the MEA region and is planning to move production lines to Sixth of October from Sayeda Zeinab.

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