Abraj Misr has yet to choose the initial public offering (IPO) consultation to evaluate the company’s assets, according to Public Relations Manager Rania El-Rafey.
El-Rafey added that the company intends to list on the stock market by the start of 2016.
The company has announced that it is willing to list 15% of its assets on the Egyptian Exchange (EGX) by the beginning of next year, while it is expected to choose the IPO consultation this month.
“There is no specific reason for delaying choosing the IPO consultant. Until this moment, the company has a lot of plans to execute its projects in Cairo and the North Coast,” El-Rafey said.
Abraj Misr’s investments amounted to EGP 8bn, after it announced its new project, “Future Gate”, that would take place over 37,000 sqm in Nasr City, with investments of EGP 4.5bn. The sources of the project’s funding vary between the company, bank financing, and client financing, according to a previous statement by the company’s Chairman, Aly Rabie, to Daily News Egypt.
According to the company’s chairman, the project “Future Gate” will take three years to implement. He added that the company will start the construction operations in September, with the project to be completed by June 2018.
The project includes eight underground floors and nine housing floors, which consist of housing and hotel flats, as well as commercial units.
The housing units will start from 149 sqm, while commercial units start from 63 sqm, targeting the middle class, according to Rabie.
Abraj Misr has changed the nature of real estate investments in Egypt. The company’s General Manager, Ihab Labib, said this was done through implementing new and renewable energy systems, and that the company has a strategy to establish smart villages.
Labib said that Abraj Misr aims at completing the first phase of the project’s construction operations located in the North Coast by 2017. He added that the project’s investments amounted to EGP 1.5bn.
The chairman said that Abraj Misr aims at pumping EGP 2.5bn to establish two tourist marinas, located on the east and the west shores of the Suez Gulf.