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Intercairo Aluminum plans to float 30% of shares worth LE450 m in 3Q

Intercairo Aluminum plans to float 30% of shares worth LE450 m in 3Q

Arab Finance:  Inter-Cairo for Aluminum (ICAL) intends to float 30% of shares in the main stock exchange in the third quarter of the current year with an estimated value of LE450 million, to fund the future company expansions.

An official in the company said they hired SLG for financial consultations to determine the share fair value, expecting the completion of the evaluation during the next month, to float 30% of the shares in the 3rd quarter of the 2015 by decreasing the main stakeholders shares, while keeping at least 51% of the shares in the company's capital.

He expected the floating proceeds to be around LE450 million, from the planned 60 million shares at a fair value up to LE7, in addition, it seeks to increase its capital in early 2016 with LE300 to 400 million to fund expansions.

Source: AlBorsa newspaper & Arab Finance Editor

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