Wadi Holdings (Wadi Group), a family-owned Lebanese agribusiness company based in Egypt, has deferred its plans to list the company’s shares in the Egyptian Exchange (EGX) for 3 years in the face of economic and political uncertainty.
Managing Director of Wadi Group Mr. Tony Freiji told Amwal Al Ghad that his firm has decided to postpone its planned initial public offerings (IPOs) on Egypt bourse, citing unpromising meantime economic and political sentiments. Therefore, Wadi Group is putting off its IPOs plans for 3 years until the situation in Egypt has more stability.
Mr. Freiji further referred that the Group depends on banking finances ranging between 45-50% in order to carry out its agribusiness projects.
Logistics and transport industry have to be on the top of the decision makers’ agenda in Egypt since both sectors are alluring more investments, Mr. Freiji noted.
The Egyptian government has to outline its scheme for the upcoming phase.
Meanwhile, Mr. Freiji said Wadi Group deals with 7 banks in Egypt. He explained that the Group’s projects are 50% self-financed; while the banks are entitled to provide funding with the other half.
Wadi Holdings and its subsidiaries are the outcome of a journey that started in 1984 in Egypt preceded by another long journey that started in Lebanon in 1957, followed by Syria in 1973, Saudi Arabia in 1975 and Jordan in 1977.
