Egyptian new capital’s owner to float 10% of shares within Q2

Administrative Capital for Urban Development (ACUD), the owner and developer of Egypt’s new capital, plans to float between 5-10 percent of its shares on the Egyptian Exchange (EGX).

The company expects to make the floating process within the first or the second quarters of 2024, said chairman Khaled Abbas on Monday.

Earlier in March, ACUD selected CI Capital to advise on floating shares of subsidiaries in areas of electricity and management on the EGX.