Egyptian Media Company plans $113M IPO
Egyptian Media Company will be registered on the stock market as a holding company by 2017 and raise up to 1 billion Egyptian pounds in 2018 after the IPO. (File photo)
Ahmed Abou Hashima's Egyptian Media Company will raise at least one billion Egyptian pounds ($113 million) in an initial public offering (IPO) in the first quarter of 2018, the chief executive of FEP Capital, which is selling the shares, said.
FEP Capital, an Egyptian investment bank, said on Sunday it had signed an agreement with Egyptian Media Company, which is owned by Egyptian businessman Hashima, to restructure and sell the company's shares to the stock exchange.
"The proposition value will not be less than one billion pounds," FEP Capital's Omar El Maghawry, told Reuters on Monday.
Egyptian Media Company will be registered on the stock market as a holding company by 2017 and raise up to 1 billion Egyptian pounds in 2018 after the IPO, compared to 882 million Egyptian pounds it plans to raise from existing shareholders by the end of 2016, he added.
The media company recently bought the ONTV channels from Egyptian billionaire Naguib Sawiris, as well as 50 percent of Misr Cinema Company from businessman Kamel Abou Ali. ($1 = 8.8799 Egyptian pounds)
By Ehab Farouk and Ola Noureldin; Editing by Alexander Smith
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