Galina-Agrofreeze looks towards EGX listing as it seeks to leave Nilex
IPO WATCH- Galina-Agrofreeze looks to spin off and list its frozen fruit and veggies business on the EGX: Galina-Agrofreeze Fruits & Vegetables is looking to spin off its frozen fruit and vegetables processing business from its fruit concentrates unit, with plans to list the former on the EGX in the next two months, Chairman Abdel Wahed Soliman tells Al Mal in an interview. The firm plans to delist from the small- and mid-cap stock exchange (Nilex) ahead of listing between 25-40% of the frozen foods unit on the EGX. Galina expects to hire a bookrunner for the transaction in the next few days, according to Soliman.
Galina is also in talks with Misr Bank-Europe for a EUR 5 mn loan to finance overseas expansion plans, Soliman also said, adding that the amount will be used to fund the establishment of a packaging and production station in the Netherlands, where the company recently launched a unit that will serve as a starting point for its entry into the European retail and consumer market. Galina recently also expanded into GCC countries, he added.