Egyptian President Abdel Fattah Al-Sisi has revealed a plan to list the Administrative Capital for Urban Development (ACUD), the owner and developer for the New Administrative Capital in Egypt, on the Egyptian Exchange (EGX) within two years.
During the inauguration of several development projects in Badr City on Saturday, Al-Sisi said that the offering will be conducted through a fund affiliated to ACUD, which is expected to have a solvency of around EGP 100bn.
He noted that ACUD’s assets would exceed EGP 3-4trn by the time of offering. Al-Sisi added the same plan will be applied to other new cities, such as New Alamein.
Mohamed Maher, CEO of Prime Holding, said that offering ACUD on EGX will be the largest of its kind in the history of the Egyptian stock market, and will be the most attractive stock.
Maher expected that the offering would contribute to a fivefold hike in the market capitalization. The offering will represent a major shift in the market size, especially that it will attract huge investments, whether local or foreign.
