Finance(Ecofin Agency) - The IPO, which is the first of its kind in Egypt and the Middle East & North Africa (MENA) region, is expected to increase the capital of Ghazl El Mahallah Football Company from EGP98 to 200 million. Ghazl El Mahallah Sporting Club made its Initial Public Offering (IPO) on the Cairo Stock Exchange on Sunday, June 12, becoming the first soccer club to get listed on the Egyptian stock market and in Africa as a whole. Ghazl El Mahallah Sporting Club was founded in 1936 in El Mahalla El-Kubra (about 118 km north of Cairo). The club has a large fan base and is one of the six Egyptian soccer giants to have won the national championship. However, its commercial entity, Ghazl El Mahallah Football Company was established in January 2021.

Source: The North Africa Journal June 13, 2022 22:28 UTC