The head of the Egyptian State Composition Administrative Capital For Urban Development (ACUD) reported on the plans to begin preparations for public placement of shares (IPO), which could be the largest in the country’s history. The company was created to oversee the construction of the new capital of Egypt. Reports about it Bloomberg.
At the beginning of next year, Egypt plans to start selling a share in the State Administrative Capital For Urban Development. According to the head of Ahmed Zaki Abdin, the procedure for choosing a consultant and determining the size of the securities of ACUD securities will be held at the beginning of 2022. He also hopes that this IPO will become the largest in the history of Egypt. The placement of shares, according to Abdin, will be held on the Egyptian stock exchange, as well as “very likely on another international market.”
Company ACUD is a joint venture of the military and the ministries of housing construction of Egypt, created to monitor the multi-billion dollar project for the construction of a new capital. This is one of several megaprojects launched by the current President Abdel Fatt of AS-Sisi. The project involves the transformation of 700 square kilometers of the desert into a modern city with government buildings, foreign embassies, buildings of large companies and the largest tower in Africa.
According to Abdin, the government is preparing for moving 50 thousand employees to the new capital in December, and the monorail road connecting the city with Cairir will be ready in about the middle of 2022.
To date, the largest IPO of Egypt held Telecom Egypt, which in 2005 attracted 5.1 billion pounds sterling (7 billion dollars).