Egyptian Banks See More IPOs Following Arabian Cement Share Sale - Bloomberg

Egyptian Banks See More IPOs Following Arabian Cement Share Sale - Bloomberg:



"Egyptian investment banks expect at least two companies to sell shares to the public in the next 12 months after Arabian Cement Co. ended an almost four-year drought.



EFG-Hermes Holding SAE, Egypt’s biggest publicly traded investment bank, and CI Capital Holding, a unit of the largest listed lender Commercial International Bank Egypt SAE, each said they expect to help two companies offer stock. It wasn’t immediately clear if their mandates overlapped. The two served as joint global coordinators and book runners in the $110 million initial public offering of Arabian Cement.



The benchmark EGX 30 Index for equities has rallied more than 65 percent since the military ousted Islamist President Mohamed Mursi in July even as the economy struggles to recover from the worst slowdown in two decades. The country holds presidential elections this month, with former Defense Minister Abdel-Fattah Al-Seesi seen as the favorite to win the top job."



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