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Wednesday, 29 September 2021

Abu Auf could debut on EGX with 49% stake sale in 2Q2022

Healthy food brand Abu Auf’s parent company AUF plans to make its EGX debut in 2Q2022, the company said in a statement (pdf) yesterday. AUF has appointed EFG Hermes to quarterback the transaction.

The company could offer up to 49% of its shares on the EGX, Mohamed Mahgoub, managing partner at private equity firm TCV, which holds a significant minority stake in AUF, told us. AUF plans to use the proceeds to finance regional growth, Mahgoub said.

Abu Auf in Egypt: The company currently has 180 branches in Egypt and more than 1k warehouses, distributed among 10 governorates. The company has recently expanded into coffee, saying it has opened a production facility to serve both domestic and export demand.

Abu Auf abroad: The company has been exporting its products to major global markets including England, Belgium, Germany and the Netherlands. It has also been exporting to Saudi Arabia, Kuwait and the UAE, as well as Libya and Palestine.

IN THE MARKET NOW- Meanwhile, IPO watchers are keeping a close eye on the IPO of state-owned fintech platform and payments infrastructure player e-Finance, which is in the market now.

The EGX is trying to get more companies to list on the bourse, recently amending listing rules to make it easier for larger firms to go public in Egypt. Companies no longer need to offer a 25% stake and can instead sell shares equal to the 1% of the exchange’s freefloat market cap.

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