OUD eyes IPO by 2020

Monday 16 September 2019 01:54 PM


By Sherin Taha:
Orientals for Urban Development (OUD) considers listing a portion of its shares on the Egyptian Exchange as part of its expansion plan for financing some projects and maximizing turnover.
The firm is exploring offering a share of its stocks on the capital market by 2020, OUD chairman Aser Hamdy said.
Hamdy told the Cairo-based economic daily Al-Mal newspaper that the management is investigating OUD compliance with IPO requirements set out by Financial Regulatory Authority (FRA), as well as ascertaining the need for floatation and considering other alternatives.
Listing on the Egyptian Exchange is expected to be implemented during the next year through capital increase, he said, adding that in case of not making a final decision on IPO, the company will raise capital via self-financing.
Hamdy pointed out that his company is a family firm affiliated to Oriental Weavers owned by brilliant businessman Mohamed Farid Khamis.