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Sunday, 5 August 2018

Giza Spinning and Weaving to float up to 40% of shares in November IPO

IPO WATCH- Giza Spinning and Weaving to float up to 40% of shares in November IPO: Privately-owned Giza Spinning & Weaving Company is planning to float as much as 40% of its shares on the EGX in an initial public offering in November, Co-CEO Fadel Marzouk told Bloomberg in an interview. The company is set to start an international roadshow for the offering in October, visiting “the US, Europe, South Africa, and Gulf countries.” Proceeds from the garment exporter’s IPO will be used to finance a EGP 250 mn project to expand its yarn and garment production capacities as “the momentum is there and exports are rising year on year, so it’s the right time to expand and grow our business and get investors into the company,” said Marzouk. Beltone Financial will serve as global coordinator and bookrunner.

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