September 28, 2018 / 3:23 PM / 2 months ago

Egypt's Sarwa Capital sets maximum share price of 8.5 EGP ahead of IPO - sources

CAIRO, Sept 28 (Reuters) - Egypt’s Sarwa Capital has set a maximum price of around 8.5 Egyptian pounds($0.5) per share ahead of its initial public and private offering beginning next week, financial sources said on Friday.

That would place a maximum value of 2.51 billion Egyptian pounds ($140.38 million) on the 40 percent of the financial services provider’s shares on offer between Oct. 3 -10.

The final price for the offering is expected to be announced on Oct. 4 after the private placement.

Egypt’s Beltone Financial will be managing the sale of around 295 million shares, of which around 266 million will be sold privately and around 29 million will be sold in the public offer.

$1 = 17.8800 Egyptian pounds Reporting by Ehab Farouk; Writing by Nadine Awadalla, editing by Emelia Sithole-Matarise

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