SCA's Canal Mooring & Lights Co to launch IPO by early 2025

Updated 7/16/2024 12:38:00 PM
SCA's Canal Mooring & Lights Co to launch IPO by early 2025

Arab Finance: The Suez Canal Authority's (SCA) affiliate company Canal Mooring & Lights Co. is set to be listed on the Egyptian Exchange (EGX) in early 2025, the SCA's Chairman Osama Rabie told Asharq Business.

The authority is targeting to achieve $9 billion in revenues from the canal in the current fiscal year (FY) 2024/2025, up from $7.2 billion a FY earlier, Rabie added.

He also highlighted that the tensions in the Red Sea are still impacting the Suez Canal significantly.

The CEO of the Sovereign Fund of Egypt (TSFE) Ayman Soliman previously announced that Egypt is expected to resume its initial public offering (IPO) program by early 2025.

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