Brmaja inches closer to planned IPO: Brmaja Innovation for IT, the Egypt subsidiary of Saudi tech firm Brmaja, has registered its shares with Misr for Central Clearing, Depository and Registry (MCDR) ahead of its planned IPO, investment director Ahmed Said confirmed to Enterprise. The tech company is looking to list 20% of its shares on the bourse and expects to raise EGP 400 mn through the sale.

The timeline: Brmaja aims to list its shares on the EGX “as soon as possible,” according to a press release (pdf). El Said said the company is still on track to IPO in mid-March, confirming the timeline he gave us in November.

What’s next: The company still needs to apply to the Financial Regulatory Authority (FRA) for its approval on the IPO, Said told us. He declined to comment on further proceedings.

What about Brnaja’s plans to make Egypt its central hub? Brmaja’s Egypt subsidiary is currently executing plans to acquire the Saudi parent company in a reverse acquisition before the bourse listing, Said told us, without giving a target date for when he expects the process to be completed. The transaction, which Said first told us about last year, would raise the firm’s issued capital enough to qualify it for an IPO on the EGX, and is set to see all of Brmaja’s operations run out of its Cairo headquarters by the end of the first half of 2022.