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Report: MG Developments plans Egyptian IPO by 2019-end

MG Developments is evaluating an IPO on the Egyptian Exchange by the end of 2019 and plans to hire advisers to aid in the process, Daily News Egypt reported, citing market sources.

The Egyptian real estate developer is soliciting offers from various companies that could help it execute the IPO, the publication noted, citing the unnamed sources.

MG Developments is looking to increase its capital through the IPO and raise more funds for new real estate projects.

The company's issued capital stands at 1.7 billion Egyptian pounds, while its paid-up capital comes at 110.5 million pounds.

As of May 25, US$1 was equivalent to 17.93 Egyptian pounds.