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Makasa Sport capital to increase by EGP 58m in H2 of 2019 - Daily News Egypt

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Makasa Sport capital to increase by EGP 58m in H2 of 2019

Company will be listed on EGX before end of year and offering will take place next year

Mohamed Abdel Salam, president of Misr Clearing Company and Central Depository, said that the Makasa Sport capital will be increased in the second half (H2) of this year by EGP 58m up from EGP 42m to EGP 100m, as a preliminary step for listing the company on the Egyptian Exchange (EGX) instead of listing it on the Nile Exchange, where the minimum capital of EGX listed companies is EGP 100m.

He added that the proceeds of the capital increase will be utilised in the re-financial structure of the company and to support its investments, where the company has investments in the industrial turf and will also have an investment in university sports.

Furthermore, he expected to complete the listing procedures before the end of 2019 after the company’s success in converting to profitability with a net profit of EGP 50m. He also expected to start next year with the initial public offering and choosing the investment bank.

In another context, Abdel Salam said that his company is focusing during the current period on the largest number of companies to enlist.

Misr Clearing Company has a capital of EGP 277.2m on 2.77m shares, each of EGP 100.

Moreover, Misr Clearing Company is owned by central depositary members (50%), EGX (5%), and companies in securities and central depositary members (45%).

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