Juhayna to launch $177m IPO in Egypt

06 Jun 2010

(MENAFN) Egyptian dairy and juice maker Juhayna Food Industries said that it is raising $177 million via a capital increase that incorporates the country’s first initial public offering (IPO) in two years, Reuters reported.

The company is selling 80 percent of the shares in a private placement and 20 percent to the general public. The private placement, which was expected to close later yesterday, is already oversubscribed, having raised $204 million.

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.

Egypt’s economy grew by an annual 5.8 percent in the first quarter of 2010, up from 4.2 per cent in the fourth quarter of 2009.

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