Nakheel Developments partners with Engineering Solutions for Double Two Tower project    Egypt and OECD representatives discuss green growth policies report    Key suppliers of arms to Israel: Who halted weapon exports?    Egypt, Greece collaborate on healthcare development, medical tourism    Nasser Social Bank launches 'Fatehit Kheir' for micro-enterprise finance    Mahmoud Mohieldin to address sustainable finance at UN Global Compact Forum    Egypt's FM, US counterpart discuss humanitarian crisis in Gaza amidst Israeli military operations    Egyptian consortium nears completion of Tanzania's Julius Nyerere hydropower project    Intel eyes $11b investment for new Irish chip plant    Malaysia to launch 1st local carbon credit auction in July    India's retail inflation eases to 4.83% in April    Amazon to invest €1.2b in France    Egypt's CBE offers EGP 3.5b in fixed coupon t-bonds    UAE's Emirates airline profit hits $4.7b in '23    Al-Sisi inaugurates restored Sayyida Zainab Mosque, reveals plan to develop historic mosques    Shell Egypt hosts discovery session for university students to fuel participation in Shell Eco-marathon 2025    Elevated blood sugar levels at gestational diabetes onset may pose risks to mothers, infants    President Al-Sisi hosts leader of Indian Bohra community    Japanese Ambassador presents Certificate of Appreciation to renowned Opera singer Reda El-Wakil    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



MG Developments to float share on Egyptian bourse at end-2019
Published in Amwal Al Ghad on 22 - 05 - 2018

Egypt's MG Developments says it plans to sell some of its stakes on the local stock market at the end of 2019 and raise its capital to finance new real estate flagships in various sectors.
These sectors are housing, administrative, commercial, and touristic, said MG's chairman Mohammed Metawee on Tuesday, adding that his company targets expansion in the local market to contribute to increase the Egyptian economy.
Metawee referred that MG is currently getting ready for the preliminary listing on the Egyptian Exchange (EGX), through preparing for the initial public offering (IPO) and reviewing the stock's fair value.
"The company's issued capital amounts to 1.7 billion Egyptian pounds ($94.8 million), while the paid-up capital reaches 110.50 million pounds," he said.
Moreover, the Egyptian official referred that MG is currently finalising its tourism and entertainment flagship Blue Blue Resort in Ain Sokhna, 120 km (74.5 miles) east of Cairo.
"The project will be completed on a space of 120,000 square metres in four phases within 2021," Metawee stated, saying that Blue Blue is with investments worth two billion Egyptian pounds ($111.4 million).


Clic here to read the story from its source.