ACUD to launch IPO in 2025: Chairman

Updated 5/23/2024 5:00:00 AM
ACUD to launch IPO in 2025: Chairman

Arab Finance: Egyptian state-owned Administrative Capital for Urban Development (ACUD) Company or one of its subsidiaries is expected to be listed on the Egyptian Exchange (EGX) in 2025, Chairman Khaled Abbas told Asharq Business.

Days earlier, Abbas announced that ACUD postponed hiring a financial advisor for its anticipated initial public offering (IPO) until the fourth quarter (Q4) of 2024.

In 2023, Abbas revealed that ACUD aims to raise at least EGP 150 billion by offering a stake ranging between 5% and 10% on the Egyptian Exchange (EGX).

Moreover, he added that ACUD sold lands worth about EGP 4 to 5 billion during the first four months of 2024.

The company is planning to make invetsments of over EGP 240 billion until 2030, Abbas pointed out.

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