CI Capital has been appointed as a financial advisor in the planned operation, Abdeen said to Bloomberg East yesterday
Egypt’s possibly largest initial public offering (IPO) in its history is on track, with Chairman and Managing Director of the Administrative Capital for Urban Development (ACUD), Ahmed Zaki Abdeen confirming yesterday that the company is expected to IPO on the stock exchange within two years.
Around 7 months after the president’s original announcement, in which he revealed that the company had liquid assets of 100 billion pounds and assets under management ranging between 3 and 4 trillion pounds, Abdeen notes that they are currently studying the offering.
CI Capital has been appointed as a financial advisor in the planned operation, Abdeen said to Bloomberg East yesterday.
According to the chairman, ACUD is preparing to launch a new holding company to represent the company, alongside the establishment of companies specialized in the fields of electricity, water, gas and buildings, and then working on offering these companies as separate entities on the stock market.
ACUD intends to offer shares in these subsidiary companies as well, but did not reveal the possible size of the offerings.
The company is looking to move full force on the offering to encourage investment in the development of the third and fourth phases of the administrative capital.
Abdeen announced that the administrative capital is addressing Egyptian and foreign private sector companies, to enter into partnerships to establish management companies for the capital in return for a portion of the profits.
The capital also has a strong financial portfolio, and the capital project is a profit-oriented investment project, which will support the demand for buying the shares of the capital company, according to him.
