[2007-11-20]  Largest Real Estate Developer To List On Egypt Stock Exchange
Egyptian real estate company Talaat Mostafa Group its initial public offering price, which could allow the company to raise more than $850 million. The estimate could make it the largest listing on the Cairo and Alexandria Stock Exchange for 2007.

The group expects trading to begin on November 28 an according to the initial company price; Talaat Mostafa Group would have an initial market capitalization of around 23 billion Egyptian pounds ($4 billion).

"The company represents the macroeconomic story in Egypt, which is the rise of the middle class. There are not many real estate companies listed and there is a lot of interest in the real estate market," said Mohamed Ebbed, head of western institutional sales at EFG-Hermes, an Egyptian investment bank acting as joint coordinators and book runners together with HSBC.

Ebeid added that TMG is the largest real estate developer in the North African nation and that they are involved in one of the largest developments in the country, Madinaty project.

The project consists of around 33 million square meters and targets middle and middle-upper class citizens.


Source: © 2007 by AHN Media Corp.