Real estate developer Misr Italia plans to launch a 20 percent share sale on Cairo bourse in the first quarter of 2016, chairman Hany El Assal announced during a leading property exhibition Wednesday.
Speaking to Amwal Al Ghad on the sidelines of Cityscape Egypt’s exhibition kicked off in Cairo Wednesday, El Assal said the value of Misr Italia’s planned initial public offering (IPO) would reach 7 billion Egyptian pounds (US$894 million).
Misr Italia’s chairman further added that the IPO is part of a funding strategy to meet with the company’s future expansions.
Misr Italia operates in Egyptian real estate, touristic development and interior decoration market. The company was established in 1981, according to the company’s Website.
The company has projects in different locations in Egypt like Red sea, South Sinai, and new cities in Cairo, with total investments estimated at 25 billion pounds.
Misr Italia’s IPO is run by Egypt-based financial service company Prime Holding, El Assal said.
