WATCH THIS SPACE- New capital company taps CI Capital to advise on planned IPO of subsidiaries: State-owned Administrative Capital for Urban Development (ACUD) is moving forward with plans to list its subsidiaries on the EGX and has hired CI Capital as its advisor, chairman Ahmed Zaki Abdeen was quoted by Bloomberg Asharq as saying yesterday. The company plans to offer shares in its “subsidiaries that operate in the fields of electricity and management,” Abdeen reportedly said, without disclosing their names or the potential stake sizes on offer. The listing is expected to take place in two years’ time, he said.

We had been expecting ACUD itself to IPO on the same timeline, according to statements from President Abdel Fattah El Sisi last summer. El Sisi said the “record IPO” could take place within the next two years. ACUD — the company responsible for management of the new capital — owns EGP 100 bn worth of liquid assets, holding between EGP 3-4 tn in assets under management, El Sisi said — meaning its EGX debut would be Egypt’s largest-ever listing.