Arabian Cement aims to raise $120m in IPO
Cairo, May 7, 2014
Egypt's Arabian Cement Company said it aims to raise around $120 million in its initial public offering (IPO), in what would be the first major company to join the country's stock exchange since the overthrow of autocrat Hosni Mubarak in 2011.
The company plans to sell 85.202 million shares at a maximum price of 9.85 Egyptian pounds ($1.40), investor relations manager Haitham El Shaarawy told Reuters on Wednesday.
Last month, the company set an indicative price range at between 8.45 and 9.55 pounds and said the firm was looking to sell a stake of between 22.5 and 30 percent.
Arabian Cement Co. has said trading would start around May 21.
The group has production capacity of 5 million tonnes a year and a market share of around 8 percent. - Reuters