The Financial Regulatory Authority (FRA) approved to extend the period of the initial public offering (IPO) Ghazl El-Mahalla Football Company to increase its issued capital to next August 14 instead of July 3, according to the Egyptian Exchange (EGX).
The EGX said, in a statement today, Sunday, that the FRA also agreed to increase the maximum number of shares that a single subscriber is allowed to subscribe to, to 15 million shares instead of 2 million shares.
On Sunday, June 12, Ghazl El-Mahalla Football Company started the IPO of shares to increase the company’s issued capital from 102 million Egyptian pounds to 200 million pounds, for the number of 98 million shares of the company’s capital at a price of 1.02 pounds per share.
The Ministry of Public Business Sector completed the establishment of Ghazl El-Mahalla Football Company in January 2021, to become the first Egyptian joint stock company specialized in football activity, after separating the football activity at Ghazl El-Mahalla Club affiliated to Misr Spinning and Weaving Company in El-Mahalla El-Kubra – one of the companies of the Ministry of Public Business Sector – in an independent entity bearing the name “Ghazl Al-Mahalla Football Company
