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Tuesday, 18 September 2018

Mowasalat Misr plans IPO in late 2019 or early 2020

EXCLUSIVE- Mowasalat Misr plans IPO in late 2019 or early 2020: Private transport company Mowasalat Misr plans to list shares in the EGX either in 4Q2019 or early 2020, a company source told Enterprise. Prior to the IPO, the Emirates National Group subsidiary plans to raise EGP 244 mn through a capital increase and an agreement with lenders the National Bank of Egypt and Banque Misr to capitalize a loan, it seems. The source noted that the capital increase could dilute some of Emirates National Group’s shares. Mowasalat recently pledged to invest EGP 3 bn by 2021.

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