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Monday, 27 August 2018

CIRA reportedly taps Grant & Thornton to conduct fair value assessment ahead of stake sale

IPO WATCH- CIRA reportedly taps Grant & Thornton to conduct fair value assessment ahead of stake sale: Leading private-sector education outfit Cairo Investment and Real Estate Development (CIRA) has reportedly selected Grant & Thornton to conduct a fair value report for CIRA’s planned relisting on the EGX, Al Mal reports. The firm’s general assembly had signed off last month on relisting 35% of the company’s shares, sources told us at the time. CIRA has met all listing requirements and is waiting on the fair value report to formally submit its listing request to the Financial Regulatory Authority for approval, sources close to the transaction tell the newspaper. The transaction could come as early as September, the sources say.

Advisers: EFG Hermes is global coordinator and bookrunner for the transaction. Al Tamimi & Co. is acting as the issuer’s counsel. White & Case is said to have been tapped to serve as joint legal advisers on the international offering, while Zulficar & Partners is domestic counsel to the underwriter.

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