Amwal Alkhaleej plans to list chemicals firm

IPOPrivate equity firm Amwal Alkhaleej plans an initial public offering (IPO) of Egyptian Propylene and Polypropylene in the first quarter of next year. Amwal Alkhaleej, which owns 15% of the Egyptian firm, confirmed its plans to Amwal Al Ghad, an Egyptian newspaper. EFG Hermes, an investment bank, will act as lead manager for the listing on the Egyptian stock exchange, according to the report. Karim Saada, regional director of Amwal Alkhaleej, told the newspaper the money raised in the offering would be used to roughly double the capacity of a petrochemicals plant. Investors anticipate a number of IPOs in Egypt as the government divests state-owned assets. ©2017 funds global mena

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