Egypt's TMG to sell shares on Cairo exchange

Egyptian real estate developer Talaat Mostafa Group (TMG) announced on Monday its intention to sell shares in the company through an initial public offering (IPO) on the Cairo and Alexandria Stock Exchange (Case).

TMG said the proceeds of the offering will be used to fund current and potential business projects in Egypt and the wider region, including developments in Saudi Arabia.

The base offering will consist of 295 million ordinary shares. The shares will be 56% primary and 44% secondary. The price range is 10.60 Egyptian pounds ($1.93) to 12.60 pounds per ordinary share, implying a value range for the offering of 3.1 billion pounds ($564.6 million) to 3.7 billion pounds.

In addition, up to 50 million primary shares may be issued by the company as part of the over allotment option and a further 50 million secondary shares may be sold at the discretion of the underwriters.

EFG Hermes and HSBC have been appointed as joint global coordinators and joint bookrunners for the offering.

TMG was created in April through a restructuring process, undertaken to simplify the group structure in preparation for the IPO.

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