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Wednesday, 31 January 2018

CI Capital’s IPO is happening, but may not be imminent, chairman signals

CI Capital’s IPO is happening, but may not be imminent, chairman signals: CI Capital’s IPO may not take place anytime soon, as the company has yet to decide on the transaction size, said CI Capital Chairman and Group CEO Mahmoud Attallah at the firm’s 2018 MENA Investor Conference, the kickoff of which we attended yesterday. As the company is looking to use proceeds from the listing to fund future acquisitions in non-banking financial companies, it will first decide on its acquisition targets before determining the size of the IPO, he added.

Speaking on the IPO of 24% of state energy firm Enppi, Attallah said it has cleared all legal and procedural hurdles. “All procedures to launch the IPO have been approved by the ministerial committee supervising the state IPO program,” said Attallah. He did not, however, give a timeframe for the transaction. Investment Minister Sahar Nasr had said last year that the listing, on which CI Capital is advising alongside Emirates NBD and Jefferies International, will take place in 1Q2018.

Attallah added that CI Capital has retail and healthcare IPOs in the pipeline for execution this year. The firm is also very keen and interested in the education sector, he said. Attallah tipped consumer goods, finance, real estate and healthcare as being particularly interesting to foreign investors of late.

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