El Saba Automotive to IPO in the coming five years

IPO WATCH- El Saba Automotive to IPO in the coming five years: El Saba Automotive, Nissan’s distributor in Egypt, plans to list shares on the EGX sometime in the coming five years, chairman Alaa El Saba tells Al Mal. The decision appears to have been precipitated by the CBE’s 700 bps interest rate hikes this year. El Saba tells the newspaper that in this high interest rate environment, auto companies must seek alternative avenues of financing away from the banking the sector — fair enough, but if that’s the sole impetus, the five-year horizon is a bit odd. El Saba added that being publicly traded would be an advantage in solicit business from foreign car manufacturers.