Egyptian Exchange: Ministry selects bank for Ghazl el Mahalla IPO

ArabFinance: Egypt’s Ministry of Public Business Sector requested an investment bank to act as an adviser for the initial public offering (IPO) of Ghazl el Mahalla Company, Masrawy reported on November 30th.

The public business minister Hisham TawfiK did not disclose the name of the bank.

Tawfik said the official appointment for the listing process will take place within the coming days after receiving final approvals.

The ministry intends to list around 66% of the company on the Egyptian Exchange, according to the minister.

Earlier in November, TawfiK said he targets EGP 100 million from the first phase of the IPO.

Source