Midar, which was added to the Sovereign Fund of Egypt’s Pre-IPO program in July, has begun preparations for its public listing, the source told media. MIDAR is the official master developer of Mostakbal City
Egyptian developer Midar for Investment & Urban Development, formerly Mostakbal for Urban Development Company, could see a potential listing on the Egyptian Exchange by H1 2024, according to sources close to the matter as reported by local media.
Midar, which was added to the Sovereign Fund of Egypt’s Pre-IPO program in July, has begun preparations for its public listing, the source told media. MIDAR is the official master developer of Mostakbal City.
The Pre-IPO Fund, created by the Sovereign Fund of Egypt (TSFE) in September 2022, works to facilitate the offerings of government companies to strategic investors, including sovereign wealth funds, ahead of public offerings.
The source did not disclose further details on the upcoming listing, however, it was previously reported that the TSFE was looking to offer a 25-30% stake in the real estate company to a strategic investor.
Majority shareholders Banque Misr and the National Investment Bank, who have a combined stake of around 75%, intend to fully exit the company, local media wrote. The remaining shareholders are Banque Misr’s investment arm Misr Capital which owns 5.65%, the National Bank of Egypt with 8.9% and Arab Contractors with 10.94%.
Separately, another media outlet reported that Midar was in talks with GCC investors to sell a portion of its land in exchange for greenbacks, citing two sources it says have knowledge of the matter.
Egypt’s privatization plans continue to move forward. In recent months, various local media have cited sources reporting that the Administrative Capital for Urban Development (ACUD) could be going public on the Egyptian Exchange as soon as the first half of 2024, as well as the potential sales of an additional 10-15% stake in Telecom Egypt to investors which is expected to close by the end of the year.
Eight companies have been included in the Pre-IPO Fund from the government’s privatization program so far, according to TSFE head, Ayman Soliman, who was quoted by media in March earlier this year. At the time, Soliman did not disclose which companies would be added to fund, however, local media have reported include Misr Technology Services, Egyptian Drilling Company, Egyptian Linear Alkyl Benzene (Elab), Banque du Caire, Misr Life Ins, and Salhia Investment and Development Company as being part of the list.
