Egypt: ACC set for IPO

Egypt-based producer Arabian Cement Company has set an indicative price range for its planned stock market listing at between EGP8.45 and EGP9.55 (US$1.37), with trading to begin on or around 21 May 2014, Chief Executive Jose Maria Magrina said on Monday.

The deadline for buying orders will be on 8 May 2014 for private placement and 13 May for retail investors. The price of the initial public offering (IPO) will be announced on 10 May, he told Reuters in emailed statements.

Magrina also told Reuters in a previous interview that the firm was looking to sell a stake of between 22.5 and 30 per cent, adding that its capital was worth around EGP757m

Magrina said on Monday that the IPO would facilitate the exit of some of the minority investors that have been with the company for more than 15 years.