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Tuesday, 16 January 2018

El Garhy steel to list 25% of the company in 2H2018

IPO WATCH- El Garhy Steel’s planned IPO of 25% of its shares has been pushed back to 2H2018, Chairman Gamal El Garhy told Amwal Al Ghad on Sunday. The company had initially been gunning for sometime in 1Q2018, according to statements from El Garhy last year. It would appear that the company had settled on an investment bank to manage the listing, but El Garhy did not name the firm. The company plans to use the proceeds of the listing to boost its production capacity to 2.4 mn tonnes. “We’re keen to pump new investments in the local market to best benefit from the Ministry of Trade’s ongoing decree to impose temporary anti-dumping duties on rebar from China, Turkey, and Ukraine,” said El Garhy. He had previously stated that the company hopes to raise around EGP 3.6 bn from the listing.

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