Global legal practice Norton Rose Fulbright is acting as international transaction counsel for the announced Arabian Cement Company (ACC) initial public offering (IPO) in Egypt and international institutional offering on the Egyptian Exchange (EGX).

EFG Hermes and CI Capital are acting as Joint Global Coordinators in connection with the offering. ACC, the Egyptian cement producer, is majority-owned by Spain's Cementos La Union.

The offering will involve a sale of shares by certain minority shareholders of ACC of between 22.5-30 per cent of the company as a secondary offering. Cementos La Union will not be selling shares.

The offering is scheduled to be completed in May.

David Baylis, head of corporate, M&A and securities in the Middle East and the partner who led the transaction, comments: "We are delighted to advise on the first flotation on the Egyptian market since 2011 and believe that it may signal a beginning of a reopening of that market.