{"id":622650,"date":"2018-10-09T04:35:02","date_gmt":"2018-10-09T04:35:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/09\/hassan-allam-announces-ipo-with-listing-on-egx-gdr-program-will-use-proceeds-to-grow-solar-portfolio-and-acquire-specialty-engineering-outfit\/"},"modified":"2018-10-09T04:35:02","modified_gmt":"2018-10-09T04:35:02","slug":"hassan-allam-announces-ipo-with-listing-on-egx-gdr-program-will-use-proceeds-to-grow-solar-portfolio-and-acquire-specialty-engineering-outfit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/09\/hassan-allam-announces-ipo-with-listing-on-egx-gdr-program-will-use-proceeds-to-grow-solar-portfolio-and-acquire-specialty-engineering-outfit\/","title":{"rendered":"Hassan Allam announces IPO with listing on EGX + GDR program, will use proceeds to grow solar portfolio and acquire specialty engineering outfit"},"content":{"rendered":"

<\/a> ** #4 IPO WATCH- Hassan Allam announces plans to sell 44.3% stake on the EGX, offering to include GDR program:<\/strong> Leading construction and engineering group Hassan Allam<\/a> announced yesterday its plans to sell 44.3% of the company in an initial public offering that will include both ordinary shares on the EGX and global depository receipts (GDRs) on the London Stock Exchange. The company expects to price the offering in early November, the company said in its intention to float (pdf)<\/a>.<\/p>\n

Who\u2019s selling? <\/strong>Per the ITF, the selling shareholders are \u201cthe Hassan Allam family which collectively owns an 86.2% stake in the Company, as well as the International Finance Corporation which owns a 13.8% stake.\u201d The selling shareholders will re-inject USD 70 mn in proceeds from the transaction through subscription to a capital increase.<\/p>\n

Use of proceeds: <\/strong>The company will use proceeds from the capital increase to \u201c(a) develop a portfolio of solar assets under Lightsource BP powered by Hassan Allam Utilities, (b) fund its water platform by developing new assets and acquisitions, and (c) acquire a specialty engineering company and support continuing growth under the construction and building materials businesses.\u201d<\/p>\n

The equity story in a nutshell: <\/strong>If you\u2019re long-Egypt, you want to be long-Hassan Allam. Alongside Orascom Construction, it\u2019s the one outfit in Egypt that can (and is) building everything we need to build, from critical infrastructure including roads, bridges and tunnels to office parks and beyond. Renewable energy is a big sweetener. Says Co-CEO Amr Allam: \u201cOur ultimate goal is to continue delivering steady growth and consistent returns to our shareholders generated by our legacy construction and building materials businesses, while simultaneously driving accelerated recurring revenue growth from utility plays in a nascent and fast-growing market.\u201d<\/p>\n

The financials:<\/strong> Hassan Allam reported revenues of EGP 11.5 bn last year, up 81.4% from 2016. Net profit in 2017 was EGP 339.7 mn, up 3% y-o-y. The group had a backlog worth EGP 55.8 bn as of 30 June.<\/p>\n

Advisers:<\/strong> The company has tapped EFG Hermes<\/strong> and Renaissance Capital<\/strong> as joint global coordinators and bookrunners, and Arqaam Capital<\/strong> as bookrunner. Shearman & Sterling<\/strong> is acting as international counsel, while White & Case LLP<\/strong> is international counsel to the underwriters. Matouk Bassiouny<\/strong> has been appointed local counsel to the issuer. MHR & Partners<\/strong>, in association with White & Case LLP, is local counsel to the underwriters. Inktank Communications<\/strong> is investor relations advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

** #4 IPO WATCH- Hassan Allam announces plans to sell 44.3% stake on the EGX, offering to include GDR program: Leading construction and engineering group Hassan Allam announced yesterday its plans to sell 44.3% of the company in an initial public offering that will include both ordinary shares on the EGX and global depository receipts […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622650","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"9f47ffe7-fddb-441f-823e-b61c9b776048","order":"0","is_powered_by":true,"section_story_id":"3d62a3bd-da66-42ea-8ff7-c9cf51451350","story_type":"1","photo_url":"","photo_position":"above","related_issue":[622639],"teaser":"","voice_url":""},"yoast_head":"\nHassan Allam announces IPO with listing on EGX + GDR program, will use proceeds to grow solar portfolio and acquire specialty engineering outfit - 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The timeline for the transaction is contingent on approval from the Financial Regulatory Authority, which\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624649,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/16\/an-update-on-fall-ipos-of-sarwa-hassan-allam-rameda\/","url_meta":{"origin":622650,"position":3},"title":"An update on fall IPOs of Sarwa, Hassan Allam, Rameda","author":"enterpriseam admin","date":"16 September 2018","format":false,"excerpt":"**#4 IPO WATCH- Update on the fall season. The public subscription notice for Sarwa Capital\u2019s sale of up to 40% of the company\u2019s shares on the EGX should be out soon, sources close to the transaction said on Thursday. Youm7, meanwhile, suggests that Sarwa should wrap bourse paperwork necessary for\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628517,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/07\/hassan-allam-holding-taps-advisors-for-potential-ipo\/","url_meta":{"origin":622650,"position":4},"title":"Hassan Allam Holding taps advisors for potential IPO","author":"enterpriseam admin","date":"7 May 2018","format":false,"excerpt":"EXCLUSIVE - Hassan Allam Holding taps advisors for potential IPO: Leading construction company Hassan Allam Holding has mandated three investment banks to run a potential IPO, including EFG Hermes and Renaissance Capital as joint global coordinators and Arqaam Capital as bookrunner, sources with knowledge of the transaction tell us. EFG\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628088,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/25\/hassan-allam-consortium-wins-contract-for-usd-4-4-bn-hamrawein-clean-coal-power-plant-on-the-red-sea\/","url_meta":{"origin":622650,"position":5},"title":"Hassan Allam consortium wins contract for USD 4.4 bn Hamrawein \u2018clean coal\u2019 power plant on the Red Sea","author":"enterpriseam admin","date":"25 June 2018","format":false,"excerpt":"Hassan Allam consortium wins contract for USD 4.4 bn Hamrawein \u2018clean coal\u2019 power plant on the Red Sea: A Chinese consortium of Hassan Allam Construction, China\u2019s Shanghai Electric and Dong Fang has won a USD 4.4 bn contract from the Egyptian Electricity Holding Company (EEHC) to build a 6 GW\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=622650"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622650\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/622639"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622650"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622650"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}