Sandoz Egypt introduces OMNITROPE 15mg biosimilar growth hormone for the treatment of short stature    Egypt After 2025: Navigating a Critical Inflection Point    Spot Gold, futures slips on Thursday, July 17th    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Egypt, Oman discuss environmental cooperation    At London 'Egypt Day', Finance Minister outlines pro-investment policies    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's Environment Minister attends AMCEN conference in Nairobi    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egyptian, Belarusian officials discuss drug registration, market access    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    EU–US trade talks enter 'decisive phase', German politician says    Sri Lanka's expat remittances up in June '25    Egypt's Health Min. discusses drug localisation with Sandoz    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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.



TMG share sale news
Published in Daily News Egypt on 16 - 11 - 2007

CAIRO: Egyptian construction and real estate firm Talaat Mostafa Group (TMG) announced Friday pricing of its private placement and Initial Public Offering (IPO) that will secure the company a market capitalization of LE 23 billion at the start of trading.
The new shares for the private placement will be sold at LE 11.60 per share, coming within the price range of LE 10.60 and LE 12.60 that was earlier announced this month. Shares for the IPO will be sold at LE 11 per share, representing a 5 percent discount to the private placement price.
"The company has received a positive response from investors throughout its presentations, said Hisham Talaat Mostafa, TMG's executive chairman, commenting on the pricing. "TMG is committed to delivering value for shareholders and faces the future with confidence.
The share sale comprises up to 395 million shares, which covers an over-allotment option of 50 million shares. The company is expected to increase its paid-in capital by a maximum of 180 million shares, of which 65 million will be offered publicly and 115 million will be offered through the private placement.
Applicants in the IPO can subscribe for between 500 and 100,000 shares each and will have to deposit 50 percent of the requested shares. The IPO opened on Nov. 4 and will continue until the close of business on Nov. 20. Trading on the Cairo and Alexandria Stock Exchange (CASE) is expected to begin around Nov. 28.
TMG develops large-scale city and community complexes, mainly located on the outskirts of Cairo. It also develops hotel complexes which include residential apartments and/or villas and, in most cases, office spaces and shopping areas.
The company's largest development to date is "Madinaty, which comprises a land area of 33.6 million square meters with a proposed residential capacity of 600,000 people. Sales commenced at "Madinaty in 2006 and the project is expected to complete in 2023. TMG is also the sole-developer of Al-Rehab and Al-Rabwa residential projects.
Moreover, the company is active in the development of hotels and resorts. Its current operational hotels are operated under the "Four Seasons brand name. It currently has three hotels in operation, namely The Four Seasons Sharm El-Sheikh, the Four Seasons Nile Plaza and the San Stefano Grand Plaza. TMG has two other hotels underway: the Nile Hotel expected to open in 2008 and the Marsa Alam Hotel.
The company currently has a paid-in capital of LE 18.2 billion distributed over 1.815 billion issued shares. The board has recently approved raising that by 215 million shares, to make a total of 2.03 billion.
TMG Holding will create an independent bank account under the name of TMG Holding to maintain stock price stability, thus preserving shareholders' interest. The company will reserve 50 million shares of the private placement for this account. The bank account will have a maturity of 30 days starting from the first day of trading on capital increase shares and will be managed by the offering's bookrunners (EFG-Hermes and HSBC bank). The account will be liquidated after 30 days, but will be injected later by funds and/or shares.
Proceeds of the offering are expected to rise up to $900 million to fund ongoing and future projects in Egypt and the Middle East.


Clic here to read the story from its source.