Egyptian steel manufacturer El-Garhy Steel Group says it plans to float some of its shares on the local stock market at the end of third quarter of the current financial year 2017/2018. The bourse listing is designated to secure an additional liquidity needed to finance the group's planned expansions and investments, its chairman Gamal El-Garhy told Amwal Al Ghad on Monday. The Egyptian steel group is currently in talks with a number of investment banks in Egypt to lead its anticipated initial public offer and determine the amount of shares to be sold on the stock market, El-Ghary added. El-Garhy Steel seeks to operate two plants for steel billets and rolling mills production in Ataqa Industrial Zone in Suez at the end of 2018, with investment costs worth 3.6 billion Egyptian pounds ($201 million), he said. The first plant is set to produce around 1.2 million of steel billets annually, El-Garhy said in earlier statement. The second plant will have a production capacity of around 500,000 tonnes of steel rolling mills annually, he added.
