Giza Systems to list 35% of shares next year as it looks to Africa expansion

IPO WATCH- Giza Systems to list 35% of shares next year as it looks to Africa expansion: B Investments portfolio company Giza Systems is planning to list 35% of its shares on the EGX at the end of 2019, an unnamed source told the domestic press on Thursday. The move would see B Investments partially exit some of its 68.04% stake in the company, the source added. Giza will use some of the proceeds from the IPO to fund its expansion into Africa, which will begin next year with the earmarking of USD 5-7 mn for acquisitions in West Africa. The company has yet to tap an advisor for the transaction, but the unnamed source said CI Capital was the frontrunner for the mandate.