DUBAI: Dubai-based construction firm Arabtec Holding aims to float half of its Egyptian unit on the Cairo stock exchange in 2016 or 2017 in an initial public offer that would value the unit at around $10bn, the firm said.
Arabtec also said it planned to invest about $60bn in Egypt over the next three years in sectors such as real estate development, infrastructure, trains, airports, and oil and gas. The company did not give details of its plans, which will depend heavily on factors outside its control, such as Egypt’s political and economic stability. Nor did it specify how it would finance such huge investments, which could strain its finances at the company’s current size.
Reuters
