By Mahmoud Al-Qassas
Misr Italia Group plans to establish a new mall under the Italian Square franchise in Shourouk City, on an area of 36,000 sqm, with investments worth EGP 500m.
Hany Al-Assal, Chairman of Misr Italia, said the company awaits the final approvals from the New Urban Communities Authority (NUCA), on the project’s general planning in order to start execution. It is anticipated that execution will take three years from the time of receiving the approvals.
Al-Assal added that the company aims to launch an initial public offering (IPO) on the Egyptian Stock Exchange (EGX) in December 2015, with capital of EGP 5bn. The company is also studying increasing its capital by 20% through the offering, half of which will be allocated through a special offering.
Al-Assal revealed the company is currently studying some offers by Arab investors from the UAE, Saudi Arabia and Kuwait, to participate in the company’s capital before the IPO. However, the company has placed some conditions on accepting any offer, as the new main contributor must have prior experience and ability to manage real estate companies in order to join the board.
Misr Italia is currently working to gain the Ministry of Investment’s approval to include one of its affiliated companies in Sinai, Mousa Coast, under the new holding company. This will allow for the completion of the final procedures for the IPO.
Al-Assal also confirmed the agreement with Prime Holding investment bank to offer the company at 30% lower than its fare value, which was determined by Acumen Holding, but he refused to reveal the value.