CAIRO (Reuters) - Egyptian investment bank CI Capital plans to list 246.9 million of its ordinary shares on the stock market, equivalent to 43.6 percent, the investment bank said in a statement on Thursday.
The company is currently working on obtaining regulatory approvals from the Egyptian Financial Regulatory Authority and the Egyptian Stock Exchange (EGX) and expects to offer the shares for sale during the second quarter of the year, the statement said.
The initial public offering (IPO) will be a secondary sale of shares by CI Capital’s current shareholders. The shareholders will use part of the proceeds to subscribe for up to 1.0 billion Egyptian pounds ($56.72 million) in the newly issued shares at the offer price, the statement added.
There will be an international offering to institutional investors in several countries including Egypt and a retail offering to retail investors in Egypt. The price will be determined through a book building process.
The rest of the proceeds will be used to expand existing activities, enter new fields, enhance the balance sheet and finance the company’s general purposes, the group’s Chairman and CEO, Mahmoud Atalla said in the statement.
CI Capital’s consolidated revenues reached 1.85 billion pounds in 2017 and the consolidated net income after minority interest, reached 251 million pounds, up 144 percent and 104 percent respectively, the statement said.
Reporting by Ehab Farouk; Editing by Elaine Hardcastle