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Owner of Abu Auf’s brand shelves EGP 2.5B IPO plans to H2 2022

Owner of Abu Auf’s brand shelves EGP 2.5B IPO plans to H2 2022

ArabFinance: Egypt’s food and snacks company AUF, the owner of Abu Auf brand, has postponed plans for the initial public offering (IPO) of 49% of its shares on the Egyptian Exchange (EGX) at an estimated value of EGP 2.5 billion to the second half (H2) of 2022, Chairman Ahmed Auf told Asharq Business.

The present moment is not the best time for the offering; therefore, we will postpone it to the third quarter at least, Auf said.

"After the impact of the Covid-19 pandemic [on the economy], the Russian-Ukrainian war broke out, then the Federal Reserve System raised interest rates which urged investors to withdraw investments from emerging markets and pump them into the US,” he commented.

He also revealed that his company will open its first branch in the UAE by the end of Ramadan, with plans to bring the number of branches in the GCC country to five by the end of 2022.

The UAE will be the gate through which the company will enter the rest of the GCC markets, the chairman added, noting that Abu Auf is set to enter the Saudi market early 2023.

Founded in 2021, AUF owns around 200 branches in Egypt in 16 governorates, with plans to add another 30 branches in 2023.

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