MIDEAST STOCKS-Region rises as IPO plan boosts Egypt, Emaar Properties up in Dubai:
"Almost all Middle East stock markets rose on Thursday as a plan for an initial public offering (IPO) boosted Egypt while blue-chip Emaar Properties continued to recover in Dubai.
Ibn Sina Pharmaceutical Industry, one of Egypt’s largest drug distributors, plans to raise as much as 1.6 billion Egyptian pounds ($90.7 million) by offering nearly 40 percent of its shares in December, an official at underwriter Beltone Financial said. The regulator has approved the company’s prospectus, the official said.
The offer is expected to kick off a series of about half a dozen Egyptian IPOs by the end of next year, which could increase trading volumes and attract foreign investment."
'via Blog this'
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