Amwal AlKhaleej planning to IPO ECPP, two M&As in 2018
IPO WATCH- Amwal AlKhaleej planning to IPO ECPP, has two M&As in pipeline for 2018: Saudi investment firm Amwal AlKhaleej is planning to list the Egyptian Company for Propylene and Polypropylene (ECPP) on the EGX in 2018 with the aim of raising USD 300 mn to finance expansion plans, Amwal’s Egypt Country Head Karim Saada tells Al Masry Al Youm. The first phase of the two-part issuance is expected to take place in 1Q2018 and raise as much as USD 120 mn in capital, he added, without specifying a date for the second phase. The ECPP — of which Amwal AlKhaleej holds 16%, alongside other stakeholders including Oriental Weavers Chairman Mohamed Farid Khamis and the EGPC — is hoping to raise its production capacity to 500-550k tonnes a year.
Amwal AlKhaleej also has two acquisitions in the pipeline for 2018 worth a combined USD 100 mn. Saada did not delve into the details, but told the newspaper that the transactions will be in the healthcare and retail sectors.