Al Ahram considers listing 25% of its shares

IPO WATCH- The state-owned Al Ahram is planning to list 25% of its shares on the EGX as part of its restructuring plan, Chairman Abdel Mohsen Salama said yesterday, Al Mal reports. The initial public offering, the timeline for which Salama doesn’t provide, is expected to generate around EGP 25 bn in proceeds, as the organization is currently valued at EGP 100 bn, he said. He also said that Al Ahram has accumulated some EGP 1.6 bn in debts and proceeds will be used to reduce the organization’s deficit by 80% by 2020.