Media Company targets 2018 IPO says adviser

September 5, 2016 12:59 PM

Egyptian Media Company will be registered on the stock market as a holding company by 2017 and raise up to 1 billion Egyptian pounds in 2018 after the IPO.

A trader works next to a screen at the Egyptian stock exchange in Cairo, Egypt April 18, 2016. REUTERS/Mohamed Abd El Ghany

FEP Capital, an Egyptian investment bank, said on Sunday it had signed an agreement with Egyptian Media Company, which is owned by Egyptian businessman Hashima, to restructure and sell the company's shares to the stock exchange.

"The proposition value will not be less than one billion pounds," FEP Capital's Omar El Maghawry, told Reuters on Monday.

Egyptian Media Company will be registered on the stock market as a holding company by 2017 and raise up to 1 billion Egyptian pounds in 2018 after the IPO, compared to 882 million Egyptian pounds it plans to raise from existing shareholders by the end of 2016, he added.

The media company recently bought the ONTV channels from Egyptian billionaire Naguib Sawiris, as well as 50 percent of Misr Cinema Company from businessman Kamel Abou Ali.