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Monday, 5 August 2019

Giza Spinning & Weaving delays IPO for second time to Feb 2020

IPO WATCH- Giza Spinning and Weaving pushes IPO to Feb 2020: Privately-owned Giza Spinning & Weaving Company has pushed to February 2020 its sale of up to 40% of its shares on the EGX due to poor market conditions, Managing Director Fadel Marzouk told the local press. This is the second time the company has delayed the IPO, having announced in March this year that it was looking to list in 3Q2019. The company had initially planned to IPO last November, but news reports later put the listing date in December 2018. Proceeds from the garment exporter’s IPO will be used to finance an EGP 250 mn project to expand its yarn and garment production capacities.

Advisors: Beltone Financial is serving as global coordinator and bookrunner and Matouk Bassiouny is legal counsel to the issuer.

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