Egypt's Arabian Cement Co. aims to raise $120m in IPO

Reuters, Wednesday 7 May 2014

Company plans to sell 85.2 million shares at max price of LE9.85 to start trading by 21 May

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 LE9.85 ($1.40), investor relations manager Haitham El-Shaarawy told Reuters on Wednesday.

Last month, the company set an indicative price range between LE8.45 and LE9.55 and said the firm was looking to sell a stake between 22.5 and 30 percent.

Arabian Cement Co. said trading will start around May 21.

The group has a production capacity of 5 million tonnes a year and a market share of around 8 percent.

 

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