The Clap:
Act Financial intends to channel the EGP 1 billion from its IPO proceeds to invest in three companies listed on the EGX this year, the firm’s Managing Partner Mostafa Abdel Aziz told Enterprise.
Remember:
The firm — which raked in EGP 138.41 million in revenues for the first five months of the year while bringing in EGP 24.35 million in net income for the period— has set July 23rd as the targeted date for its debut on the EGX. Abdel Aziz now says the company’s market value will exceed EGP 3 billion after the IPO, with an increase in capital to around EGP 3.4 billion.
The specifics:
Act is showing interest in non-listed companies and has narrowed down potential investments to non- EGX firms to six firms after holding meetings with more than 100 companies.
Abdel Aziz noted that the investments could be significant, varying between 5-30% based on the company’s size.
