CIRA general assembly approves listing 35% of shares
EXCLUSIVE- CIRA general assembly approves listing 35% of shares: The general assembly of education outfit Cairo Investment and Real Estate Development (CIRA) met this week and settled on relisting 35% of the company’s shares on the EGX in a transaction that could come as early as October, a source close to the offering told Enterprise. The firm expects to rake in EGP 700 mn from the relisting, the source added. We were told last week that the company was considering relisting up to 40% of its shares after Abraaj exited its 35% stake. Some 80-90% of the shares on offer would be reserved for an institutional offering.
The general assembly also abandoned plans to spin off its real estate investment arm from its education arm. The general assembly felt the move would push back the relisting.
Advisers: Sources confirmed to us this week that EFG Hermes is global coordinator and bookrunner for the transaction. White & Case is said to have been tapped to serve as joint legal advisers on the international offering, with the assembly looking to add another law firm to the team. Zulficar & Partners is domestic counsel to the underwriter. The assembly also gave management approval to hire a financial advisor to prepare the fair value report for the transaction.