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Wednesday, 30 October 2019

Misr Italia postpones IPO to 2H2020

IPO WATCH- Misr Italia postpones IPO to 2H2020: Property developer Misr Italia has postponed its plans to offer 25% of its shares in an IPO on the EGX to the second half of next year, CEO Mohamed El Assal told the press. The IPO is expected to increase the company’s capital by EGP 1-1.5 bn, El Assal added. The company’s chairman, Hany El Assal, told Al Mal in July that the IPO could kick off in the first half of the year. He said at the time his company is expecting to raise EGP 2 bn from the listing and will use the proceeds to finance ongoing projects, including the EGP 20 bn Il Busco and EGP 10 bn Vinci compounds in the new capital.

Correction: 30/11/19.

A previous version of this article incorrectly stated that Misr Italia hired EFG Hermes to conduct an asset valuation.

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