Egypt's Amer Group to launch IPO
Cairo, November 6, 2010
Egyptian real estate company Amer Group expects to raise 1.14 billion Egyptian pounds ($242 million) through an initial public offering and a private placement before the end of the month, its IPO adviser said on Saturday.
The company expects to raise 930 million pounds through the private placement and 220 million pounds through the public share offer, Alaa Sabaa, chairman of Beltone Financial said at an investor conference on the IPO.
'The total of the offering is 1.14 billion pounds,' Sabaa said. 'We expect the private offering to close around November 21, the public offering to close on November 24, and share-dealing to start on the exchange on November 29.'
He said final dates and details would be announced next week. Sabaa said the share prices for the private and public offerings would be the same.
The chairman of Amer Group, Mansour Amer, said 'the private offer is between 2.6 and 3.6 pounds per share but the final value for the public offer will be announced around November 20.'
Amer said the cash raised would be used to speed up completion of the company's various projects.
'Most of the market delivers within four years, we deliver within two,' Amer said. 'If we succeed with (the IPO, private placement) we can deliver within a year using the capital increase.'
Amer's IPO is Egypt's second since 2008. Egyptian dairy and juice maker Juhayna Food Industries launched an IPO in June.-Reuters
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