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Egyptian real estate developer plans May IPO

Misr Italia Group expects to sell between 20% to 25% of its shares on the Egyptian Exchange in an IPO by May, Bloomberg News reported April 1, citing the company's co-CEO.

Mohamed El Assal told the newswire that the stake sale would raise about 1.5 billion Egyptian pounds, equivalent to some $82.5 million, to complete new and ongoing projects.

The Cairo-based real estate developer has hired Beltone Financial as the offering manager. The IPO is expected to be marketed in Persian Gulf countries during April, Bloomberg added.

"We see a lot of opportunities for co-development projects with the government in the future," El Assal said in a statement.

The Egyptian government chose Banque Du Caire SAE to start share sales in state-run companies, expecting to bank about 6 billion pounds from IPOs in its fiscal year starting in July.

As of March 31, US$1 was equivalent to 18.05 Egyptian pounds.