Sinai investment company to offer shares at EGP 100 each

The National Company for Sinai Investments will put up its shares for an Initial Public Offering (IPO) at EGP 100 each after the company's capital increased by 600 million pounds to hit 2 billion pounds, the company head said on Monday.

Hassan Fahmi, speaking at a conference in the presence of Prime Minister Sherif Ismail and Planning Minister Ashraf el Arabi, said the National Company for Sinai Investments is a shareholding company that was established by the government at an authorized capital of EGP 10 billion and issued capital of EGP 1.4 billion.

The IPO will be held on November 6 till December 5.

Only Sinai residents are allowed to take part in the IPO.

The net profits of the projects will be distributed annually after cutting expenditures, he said.

Persons and not companies will be allowed to buy 50 shares as minimum and 50,000 as maximum.

He said the company seeks to make the best use of unexploited State assets in Sinai and is targeting four important sectors; manufacturing, mining, industry and tourism