Hassan Allam, an Egyptian construction and engineering group, said it would put up 44.3 percent of its shares on the Egyptian exchange and the London Stock Exchange.
The company, which employs over 34,000 people, through subsidiaries in Saudi Arabia and Algeria, said it would use the proceeds to develop solar assets, fund its water platform, acquire a speciality engineering company, and support continued growth in construction and building materials businesses.
The company failed to give a date or pricing information for the share offer. However, it has revealed that Renaissance Capital and EFG Hermes will be joint global coordinators for the sale. Both companies as well as Arqaam Capital will also act as Joint bookrunners.
The construction company noted that the Hassan Allam family which collectively owns 86.2 percent and the International Finance Corporation, which owns 13.8 percent, were the selling shareholders. The announcement of the sale comes amid a surge of private and public offerings that will test investor appetite in Egypt.
Hassan Allam has its headquarters situated in Cairo and is one of the leading general contractors in Egypt. The company is run by the Hassan Allam family, which has been operating in the construction business since 1936, making the firm one of the most recognised construction franchises in the Middle East and North African region. The company also implements a wide range of complementary business lines that provide engineering, procurement and construction services.