Unionaire Group for Electronic Industries is seeking to float part of the company on the Egyptian Exchange (EGX) during the first quarter of 2019, according to sources.
The sources told Daily News Egypt that the offering will take place in two stages, the first is to exit and sell a stake and another to raise capital.
The source pointed out that both Unionaire’s Egyptian and Saudi investors will offer part of their shares on the EGX, but have yet to decide on the percentage, expecting it will be around 30% of the capital.
Moreover, the source noted that KPMG Hazem Hassan Financial Consultancy and Auditing is in the process of restructuring the company in coordination with EFG Hermes, with Matouk Bassiouny and Sarie-Eldin & Partners as legal advisers.
According to the website of Unionaire Group, it was founded in 1995 to become a global manufacturer of home appliances.
By 2005, Unionaire Group became the largest air conditioning manufacturing group in the Middle East. It also makes home appliances through more than one factory in Egypt, such as air conditioning systems, cookers, washing machines, refrigerators, freezers, TVs, and monitors.
Unionaire Group exports its products to more than 80 countries worldwide and targets expansion in all countries by 2020.