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Thursday, 22 October 2020

InterCairo Aluminium is dusting off its plans to list 30% of its shares on Egypt’s bourse

IPO WATCH- InterCairo Aluminium Industry is dusting off its plans to list 30% of its shares on the EGX, which it had shelved back in 2016 amid market instability, Chairman Khaled Abdallah tells Al Mal in a story carried only in its print edition. Abdallah did not specify whether the company has a targeted timeline for the transaction but noted that it already earned regulatory approval from the Financial Regulatory Authority (known at the time as EFSA, and imply that the company may have some work to do updating its paperwork with the authority). The listing is part of InterCairo’s 3-5-year future expansion plan, which also includes setting up a new EGP 800 mn factory, according to Abdallah.

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