Back to the complete issue
Monday, 14 December 2020

Galina to sell 49% in EGX debut

Agrifood player Galina Holding will sell up to 49% of the company in its EGX debut slated for early 2021 with the aim of raising USD 50 mn through the issuance of 161 mn new shares, Galina Chairman Abdel Wahed Soliman told Al Mal. Galina plans to use the proceeds from the IPO to finance capex spending to expand its operations in fruit and vegetable concentrates and meat alternatives. Galina had been looking at a potential EGX listing since 2018.

Local and international asset managers have already expressed interest in a piece of Galina. The prospective institutional investors include five unnamed private equity funds from France, the UAE, Kuwait, and one Egyptian fund, Soliman said. Subscription to the institutional portion of the IPO will end on 26 December, he noted.

Advisers: The company has tapped Renaissance Capital as lead adviser on the transaction.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.