Egypt’s Juhayna share offering fully covered
A public offering
of shares in Egyptian dairy and juice maker, Juhayna Food Industries,
has been fully covered, the firm’s financial adviser EFG-Hermes said on
Wednesday.
The public
subscription, which involved about 41 million shares offered at 4.66
Egyptian pounds each, was the first IPO in Egypt since 2008. The public
offering was part of a plan to raise about 1 billion pounds and also
included a private placement, which closed earlier and was 1.75 percent
oversubscribed.
“The public offering has been fully covered, 100 percent,” Mina Iskander of investment bank EFG-Hermes told Reuters.
The global
financial crisis put a stop to IPOs in Egypt after oil services company
Maridive and real estate company Palm Hills Developments sold shares in
mid-2008.
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