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Talaat Group announces IPO prices

Cairo, November 18, 2007

Talaat Mostafa Group Holding Company (TMG), the leading Egyptian community real estate developer, has announced the pricing of its Initial Public Offering (IPO).

The offer price for the international offering has been set at EP11.60 ($2.1) per share. This is in the middle of the price range of between EP10.60 and EP2.60. The offer price for the Egyptian retail offering has been set at EP11 per share, representing a discount of five per cent to the international offering price.

The international offering, together with the retail offering, comprises up to 395 million shares, which includes an over-allotment option covering 50 million shares, said an official.

Based on the offer price, TMG will have a market capitalisation of EP23.0 billion at the commencement of trading.

Trading in the shares on the Cairo and Alexandria Stock Exchange (CASE) is expected to commence on or about November 28, 2007.

The proceeds of the primary component of this offer will be used to fund current and potential projects in Egypt and the wider Middle East and North African Region.

EFG-Hermes and HSBC are acting as joint global coordinators and joint bookrunners for the offering.

“I am very pleased to announce the pricing of TMG’s IPO. The company has received a positive response from investors throughout its presentations. TMG is committed to delivering value for shareholders and faces the future with confidence,” said executive chairman, TMG, Hisham Talaat Mostafa.- TradeArabia News Service




Tags: IPO | real estate | Talaat Mostafa Group |

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