GMC for Engineering & Feeding Industries S.A.E. announced on Wednesday it is gearing up to issue an initial public offering for 30% of its shares on the Egyptian stock market (EGX) by the end of 2014.
GMC ‘s founder and CEO Mohamed Genedy revealed to Amwal Al Ghad’s Arabic website that the IPOs plans come within the framework of the company’s strategy to make more expansions this year, seeking to “increase its capital base.”
GMC is injecting within this year investments worth EGP 3 billion, with the aim to make new expansions through upgrading equipments and machinery, he added.
In the wake of January 25 and June 30 uprisings which witnessed state of insecurity in Egypt, GMC’s sales in local market shrank by 80% since the company’s vehicles were attacked several times by thugs in Rod El Farag district.
