El Rashidy El Asly revives IPO plans

IPO WATCH- El Rashidy El Asly revives IPO plans: Confectioner REMD El Rashidy El Asly is planning an IPO of 20% of the company’s shares on the EGX next year, Managing Director Mohamed Kandil said, according to Youm7. The listing will come through a sale by a majority shareholder, who we’re taking to be UK-based frontier markets private equity firm Silk Invest. The listing will be used to fund potential acquisitions, said Kandil, adding that the company is not against a possible merger with a larger food company. The company had announced plans to list back in 2016.