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Egyptian pump maker Allweiler Farid Pumps Co. says it plans to delay its initial public offering on the local stock market until 2020.
Allweiler Farid, a joint-venture between German Allweiler GmbH and Egyptian Farid Pumps, was hoping to list this year, but a disappointing unstable exchange rate for U.S. dollar against Egyptian pound weighed on and drove the company to wait until 2020, said chief executive Hossam Farid.
The company is planning to inject new investments, aimed at increasing its production capacity to 18,000 pumps from 18,000 in the coming period, Farid further told Amwal Al Ghad on Sunday.
