(Adds background, detail)
CAIRO, April 28 Egypt's Arabian Cement Company
has set an indicative price range for its planned stock market
listing at between 8.45 and 9.55 Egyptian pounds ($1.37), with
trading to begin on or around May 21, Chief Executive Jose Maria
Magrina said on Monday.
The deadline for buying orders will be on May 8 for private
placement and May 13 for retail investors. The price of the
initial public offering (IPO) will be announced on May 10, he
told Reuters in emailed statements.
It will be the first major IPO on the Egyptian stock
exchange since the overthrow of autocrat Hosni Mubarak in 2011.
Magrina told Reuters in an interview earlier this month that
the firm was looking to sell a stake of between 22.5 and 30
percent, adding that its capital was worth around 757 million
The group has production capacity of 5 million tonnes a year
and a market share of around 8 percent.
Magrina said on Monday that the IPO would facilitate the
exit of some of the minority investors that have been with the
company for more than 15 years.
($1 = 6.9953 Egyptian Pounds)
(Reporting By Shadia Nasralla; Editing by Erica Billingham)