Prime signs to manage an IPO with LE 500M on EGX

CAIRO – 4 February 2018: Prime Holding signed a contract to manage an initial public offering (IPO) on the Egyptian Exchange (EGX) for a company operating in the education sector with LE 500 million ($28.26 million) as initial capital, Vice Chairman of Prime Holding Mohamed Maher told Al-Masry Al-Youm.

IPO would take place before the end of this year, Maher added.

The investment bank will promote the IPO to attract local and foreign retail and institutional investors, according to Maher.

Prime’s net profit recorded LE 8.9 million in the three months that concluded in September 2017, compared to the LE 328,400 loss of the same period of 2016.

It is targeting consolidated profits of about LE 38.17 million in its estimated 2018 budget scheme.

Prime Holding is a public company, listed on Egyptian Exchange (EGX) since April 2008. It operates within the Diversified Financial sector focusing on Investment Banking and Brokerage. It has 12 subsidiaries operating across Qatar, Singapore, UAE and Egypt. Prime Holding is based in Giza, Egypt and was established in March 2006.