Mining Holding Company said it will sign financial consulting agreement with Prime Holdings and Investments (PRMH.CA) within this week so as to list its stock in the Egyptian Exchange (EGX).
Under the initial terms of the agreement, Prime Holdings shall complete the financial procedures for the mining company inception and undertake listing its stock in the EGX.
It is worth noting that on September 20th, Egypt’s Minister of Industry and Foreign Trade Hatem Saleh approved the establishment of Mining Holding Company at the opening ceremony of the National Vision for Mining Wealth Conference held on 18/09/2012.
Under the terms of the agreement, Prime Holdings shall also find the investment opportunities in the Egyptian market for the newly-established firm Mining Holding Company. It shall also explore the Mining Company’s possibility for making direct investments in which Prime would have stakes in the company.
Mining Holding Company seeks to increase its capitalization from EGP 100 to EGP 500 million within the upcoming period through the contribution of a number of Egyptian banks and investors and through issuing not less than 60% of the total stocks for the initial public offering (IPO) in the EGX.
Hamdy Zaher, the Chairman of Mining Holding Company, told Amwal Al Ghad that Prime Holdings will have minor equity stakes and will assist the Egyptian banks alongside investors in buying equity stakes in the firm.
