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Wednesday, 13 March 2019

Sky Light mulls offers from three underwriters for 2Q19, 25% EGX debut

IPO WATCH- Sky Light mulls offers from three lead managers for 2Q19 IPO: Sky Light for Touristic Development is mulling offers from three underwriters for its plans to sell 25% of its shares on the EGX, Adel Mourad, investor relations manager at El Wadi for Touristic Investment, which owns c. 45.1% of Sky Light, tells Al Mal. The company has already listed on the exchange and is hoping to get the IPO off the ground before the end of the quarter. Shuaa Securities, Prime Investment Banking and Watheeqa Securities Brokerage are said to be bidding to lead the offering. The IPO has been in the works since 2017, but was held back due to a now-resolved dispute with the FRA over legal issues involving the company’s CEO.

Speaking of IPOs, the second phase of the state’s share-sale program will include 6-7 companies, including some that have yet to be listed, and will take place in 4Q2019, Public Enterprises Minister Hisham Tawfik said yesterday on the sidelines of a meeting with the Egyptian Businessmen’s Association. No decision has yet been made on the companies that will offer shares, the minister said.

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