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Thursday, 12 July 2018

EXCLUSIVE- DBK Pharma resurrects IPO, plans dual-listing on Egypt and Saudi stock exchanges

EXCLUSIVE- DBK Pharma resurrects IPO, mulls dual-listing on Egypt and Saudi stock exchanges in 1H2019: DBK Pharma’s long-awaited initial public offering appears to be back on, but this time the company is planning a dual-listing in Egypt and Saudi Arabia, sources close to the transaction told Enterprise yesterday. DBK is planning to offer as much as 25% of the company on the EGX and Tadawul during 1H2019 in secondary sales that will see some anchor shareholders trim their positions. Selling shareholders are then expected to use the lion’s share of their proceeds to subscribe to a capital increase to fund the remaining work on its new manufacturing facility in Obour. Saudi Arabia’s Marei bin Mahfouz Group had acquired a 25% stake in DBK Pharma back in February for EGP 38.5 mn, after the company’s initial bids for an IPO in 2016 and 2017 failed to garner enough shareholder support.

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