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Monday, 13 August 2018

Nabq Sinai looks toward end-2018 IPO

IPO WATCH- Nabq Sinai plans to list and sell shares only to Egyptians: Nabq Sinai for Hotels is planning to float 30% of the company on the Egyptian Exchange before the end of the year,Chairman Hossam Attia tells Al Mal. The company, which expects to submit its fair value study to the Financial Regulatory Authority and hire a manager for the transaction within the week, will be selling shares exclusively to Egyptians, according to Attia, who explains that as a Sinai-based company, Nabq’s request for an IPO was rejected repeatedly since 2008 due to legal restrictions on foreign ownership of Sinai assets. The company, however, won a court case in 2015 and received a verdict that allows Sinai-based companies to list on the EGX under the condition that they sell shares only to Egyptians. The government had issued a decision back in 2002 barring the sale of shares in listed companies based in Sinai to foreigners. Proceeds from the IPO will be used to finance a EGP 300 mn touristic project in Ain Sokhna, Attia adds.

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