Will CIRA relist on the EGX in 4Q2018?
IPO WATCH- Will CIRA relist on the EGX in 4Q2018? Cairo Investment and Real Estate Development (CIRA), has reportedly begun taking steps to relist on the EGX, with a preliminary date set for 4Q2018, sources said. The company, which holds majority stakes in 24 K-12 schools, is reportedly looking to sell up to 30% of its shares. Dubai-based private equity giant Abraaj had exited its c.30% stake in the company last week to minimize its footprint in the wake of turbulence at an unrelated healthcare fund, selling the shares back to the family of Hassan El Kalla.
Who’s advising? CIRA, which had delisted back in 2015 after selling to Abraaj, is said to be in advanced talks to sign EFG Hermes as adviser on the listing. It also appears that the company is at least considering an international offering, with reports that it hired White & Case as legal advisers on that tranche of the offering. El Tamimi & Co. Law Firm has also reportedly been tapped to act as local legal adviser, while Zulficar & Partners will allegedly act as legal counsel to the underwriter.