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Giza Spinning delays floating shares to next year

Giza Spinning delays floating shares to next year

ArabFinance: Giza Spinning and Weaving Company is putting off the listing of its shares on the Egyptian Exchange (EGX) until the first quarter of 2022, Al Mal News cited Deputy Chairman and Managing Director Fadel Marzouk.

The decision has been made in coordination with Beltone Financial, after it was first announced in August last year that Giza Spinning would float its shares by the end of 2020. This was linked to the economic conditions introduced by the COVID-19 pandemic.

The spinning firm would list not more than 40% of its shares on the EGX, Marzouk confirmed.

He noted that Giza Spinning targets EGP 250 million from a private placement and an initial public offering at 85% and 15%, respectively.

The beginning of the second wave of COVID-19 led to delaying the listing last year, the official said, noting that it is expected for the current wave to last until the end of March.

The development of the EGX30 Index methodology has been completed. The EGX’s benchmark index covers the eligible companies for inclusion, as well as the standards for listing and delisting the firms.

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