Brmaja Group has announced its plan to offer 35% of its subsidiary Brmaja Innovation, on the Egyptian Exchange (EGX) over the next few months.
Hatem Bakheet, CEO of the Brmaja Group, revealed that the group is progressing at a quick pace in the financial and legal procedures to start the offering soon, likely to be at the beginning of the third quarter of this year 2022.
He told Daily News Egypt that the company chose Arabeya Online Securities Brokerage Company as a manager of the offering, and Elite Financial Consulting Company to play the role of sponsor of the company’s listing on the EGX, and also appointed EgyTrend as an independent financial advisor for the offering. Brmaja Innovation completed in February its registration with the Misr for Central Clearing, Depository, and Registry (MCDR).
He stressed that the company plans to maximize its investments in the Egyptian market within the framework of joint cooperation between Egypt and the Kingdom of Saudi Arabia, as the volume of the business Brmaja group in the Egyptian market recently increased to more than EGP 125m.
He pointed out that the group sees promising opportunities in the Egyptian market, as the subsidiary Brmaja signed a memorandum of understanding to acquire Brmaja Trading Company – Saudi Arabia, which has an estimated market value of about $20m, to keep pace with the great developments in the Egyptian market. Moreover, many companies were contracted with the private and governmental sectors in the various fields and activities of the group.
Both Brmaja Innovation and Brmaja Technology are two subsidiaries of the Brmaja Group, which operates in 16 countries around the world, as it is present in eight Arab and African countries. Its business reaches eight other countries around the world.