FILE - Employees in the EGX following performance of the trading session on December 12, 2017
CAIRO - 29 December 2021: Mahalla Spinning Club’s private offering was oversubscribed during Tuesday, with the participation of Egyptian institutions and individuals at a value ofLE 20 million, and Arabs at a value of LE 17 million, according to the Ministry of Public Business Sector.
The Ministry stated, in a statement, Wednesday, that Mahalla Spinning Club Company is scheduled to hold a general assembly soon to approve the results of the private placement and call for a public offering to increase the company's capital from LE 102 million to LE 200 million.
It said that the offered share of the company in the private and public offering amounts to LE 135 million, representing 67.5 percent of its target capital of LE 200 million, as the company aims to be listed on the Egyptian Stock Exchange and start trading in shares during February.
According to the statement, the Misr Company for Spinning and Weaving houses will be the largest shareholder in the Mahalla Football Company, with a value of LE 65 million, representing 32.5 percent of the capital, through preferred shares that guarantee it a double vote in the general assemblies, where it had obtained approval from the General Investment Authority regarding the evaluation of the in-kind share of its contribution to the Ghazl Al-Mahalla Football Company, which is represented in the usufruct rights of the stadium, 3 stadiums and the commercial name for a period of 20 years.
Thus, Ghazl Al-Mahalla Football Company will be the first sports company specialized in football activity in the Middle East to list its shares on the stock exchange, as it was established in January 2021 in line with the strategy of the International Football Association (FIFA) regarding financial fair play (Financial Fair Play). .