Back to the complete issue
Monday, 6 August 2018

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.