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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.

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