Chairman of the Arab Contractors Company Mohsen Salah said the company will issue 20% of its shares to the Egyptian Exchange (EGX) in 2017 with capital value of EGP 180m.
At the Egypt Builders Conference, Salah said the company is in the process of preparing documents and is searching for a financial advisory office to oversee the issuance of its shares on the EGX.
The Arab Contractors Company is currently implementing projects in Iraq, with total investments of $ 400m, including electricity and water desalination plants and road and bridge construction. Salah expected that the company’s total project expenditures will decrese to $ 2.5bn in 2016 compared to $5bn in 2015.
“The company contracted with the New Urban Communities Authority to facilitate the allocation of lands in the first phase of the new Al-Alameen projects. Investment in the project amounts to EGP 1.5bn and is being implemented in cooperation with the Mokhtar Ibrahim company for construction,” said Salah. “Our business size in Kuwait reached KWD 600m and we intend to expand in the African market more than Gulf area due to the fall of oil prices.”
The company is executing the construction of the Cairo-Cape Town road project in Ethiopia with investment of $180m. The project is expected to be finished at the end of the current year.
The company also agreed with French, German, and British companies to provide technical experience in the construction of national bridges in the Port Said governorate.