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Thursday, 28 March 2019

Hassan Allam suspends IPO plans

IPO WATCH- Hassan Allam Holding puts IPO on the shelf for now: Leading construction and engineering group Hassan Allam has suspended its plans for an initial public offering on the EGX, sources with knowledge of the matter told Al Mal. The company had been testing the waters for a possible 1H2019 offering in what some expected to be Egypt’s largest IPO since the end of 2016. Hassan Allam’s decision to shelve its IPO plans for now is a result of “external factors,” the newspaper said, and doesn’t reflect concerns about the health of Egypt’s capital market.

Hassan Allam is still pushing ahead with growth and expansion plans, the company tells us, including its drive to build a high-growth utilities play.

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