Egyptian construction and engineering group Hassan Allam said on Monday that it would float up to 44.3 per cent of its shares on the Egyptian Exchange and the London Stock Exchange.

The company said it intended to 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.

Hassan Allam is a general contractor operating in Egypt, where it employs more than 34,000 people, and through subsidiaries in Saudi Arabia and Algeria, according to an announcement of the sale on the company’s website.

It did not give a date or pricing information for the share offer.

Renaissance Capital and EFG Hermes will be joint global coordinators for the sale, and together with Arqaam Capital will also act as joint bookrunners, the company said.

It said the selling shareholders were the Hassan Allam family, which collectively owns an 86.2 per cent stake in the company, as well as the International Finance Corporation, which owns a 13.8 per cent stake.

The announcement of the sale comes amid a surge of private and public offerings that will test investor appetite in Egypt at a time of emerging market turbulence.

From :Gulfnews