Cairo – Mubasher: The private placement of Obour Land for Food Industries, that comes in the framework of its flotation a stake on the Egyptian Exchange, was covered by nearly 7.38 times, said a report compiled by CI Capital.
The private placement comprised 56 million shares worth EGP 542.08 million and was covered 7.38 times with total purchase orders of EGP 3.99 billion.
The private placement will be available until 13 December 2016, noting that CI Capital acts as book runner and the broker of the sell side.
Obour Land plans to float 40% stake equivalent to 80 million shares on the Egyptian Exchange .
The company noted that the first tranche of the IPO will amount to 24 million shares that represents 30% of the total floated shares and accounts for 12% of the company’s total issued shares.
The first tranche will be allocated to the public offering, noted Obour Land.
Meanwhile, the second tranche of 56 million shares will be allocated to the private placement.
Obour Land operates with 200 million shares distributed across 200 million shares.
