Mahmoud Attalla: Listing on the stock exchange accelerates the company’s growth and expansion plans.
The Egyptian Exchange’s (EGX) trading platform received the new company number 224 of the main market; CI Capital, which will be traded with the symbol CICH. In the presence of H.E Mr. Khaled Badawi, Minister of Public Business Sector, Mr. Mohamed Abdel Salam, MCDR Chairman and CI Capital top management, Mr. Mohamed Farid, EGX chairman announced the commence of trading on CI Capital shares.
Mr. Farid said that capital markets plays an important role in mobilizing the necessary savings to finance the process of economic growth which is based on the expansion of companies operating in the various economic fields.
Farid continued, “EGX is always keen to attract strong companies willing to expand and grow in the various market sectors.” The diversification in the exchange strengthens Egypt’s financial market and contributes in the economic growth.
Farid said that the foreign investors directed high inflows to EGX ensuring the high confidence that international institutions and investment funds have in Egypt’s investment climate after the recent reforms at all levels “financial and legal”.
H.E Mr. Khalid Badawi said that the IPO process strengthens the role of the non-bank financial sector in diversifying the sources of financing for companies’ expansions. It will in turn supports the government’s economic and social development plan.
Mahmoud Attallah, Chairman and CEO of CI Capital, said that the company’s management is keen to continue its business development and to complement its expansion strategy in order to maximize value for all shareholders.
The IPO resulted in allocating 203 million shares out of 225.6 million shares to the private placement segment to the global financial institutions and investment funds from the United States, Europe, United Kingdom, South Africa, Gulf countries and Egypt, individual investors with high portfolios.
Worth mentioning that the private placement was oversubscribed by 6.1 times, with a total of EGP 9.9 billion (USD 558 million). For the IPO, 22.5 million shares were allocated on the secondary market that was oversubscribed by 29.5% with a total of EGP 5.1 billion (USD 290 million).