Ebtikar for Investment Finance decided to postpone its planned IPO until market conditions improve, sources close to the matter revealed to Daily News Egypt. The IPO was expected to take place during the first half (1H) of this year. The sources added that the unfavourable market conditions are the main reason for the postponement of the offering process, especially in light of the decline in liquidity levels and foreign sales. They also said that the company would monitor market conditions and resume the offering plan again as soon as the conditions of the Egyptian Exchange (EGX) improve. Last year, the two companies signed a memorandum of understanding requiring Vodafone Egypt to acquire a 20% stake.
Source: Daily News Egypt June 29, 2022 12:07 UTC