Egypt to get biggest ever IPO
CAIRO, September 23, 2014 – Carbon Holdings, which will be the operator for the $7 billion Tahrir Petrochemical Complex, is planning an initial public offering on the Egypt Stock Exchange offering a value of $2 billion for 35 percent of the company.
The deal was revealed in an interview with Carbon Holdings chairman and managing director Basil El-Baz in Daily News Egypt.
This capital infusion is planned to fuel large expansions including the establishment of the Egyptian-Japanese Petrochemical Company and production facility worth $2.3 billion capable of making 6,000 tonnes of methanol and 2,000 tonnes of ammonia per day.
It will be the largest IPO to date on the Egyptian market.