CAIRO: Egypt’s Advanced Pharmaceutical Packaging is raising 21 million Egyptian pounds ($3.8 million) in an initial public offering of 30 percent of its shares to boost capacity in its glass ampoule and vial business.
The company will offer 1.02 million existing shares at 20.88 pounds each, commercial director Tamer Shekib said on Thursday.
"We are floating 30 percent of the company. Trading (in the shares on the stock exchange) will begin on Sunday, June 27," he told Reuters.
The shares will take the Reuters instrument code.
Egypt’s bourse had seen no IPOs since the global financial crisis hit world markets in mid-2008, until Juhayna Food Industries broke the drought this month.
Real estate firm Amer Group could also launch an IPO this year, its adviser said. [Advanced Pharmaceutical Packaging, established in 1995, has an ampoule production capacity of 340 million units a year, and a vial production capacity of 73 million units a year.
"We are aiming to raise our production capacity by 25-35 percent by the last quarter of 2010," Shekib said.
Advanced Pharmaceutical Packaging exports 8 percent of its goods, mainly to the Middle East and Eastern Europe.
The firm posted revenues of 43 million pounds and net profit of 4 million pounds in fiscal year 2009/2010.