Arab Finance: The Sovereign Fund of Egypt (TSFE) is planning to float shares of MIDAR for Investment and Urban Development on the Egyptian Exchange (EGX) within the first half (H1) of 2024, Al Borsa News reported, citing sources familiar with the matter.

The sources noted that the company had been added to the pre-initial public offering (pre-IPO) fund to be offered on the EGX, adding that the National Investment Bank (NIP) and Banque Misr are seeking to exit from the company.

It is worth noting that MIDAR is owned jointly by Banque Misr, NIP, Arab Contractor Company, the National Bank of Egypt (NBE), and Misr Capital, holding 40%, 34.4%, 10.9%, 8.9%, and 5.6% stake, respectively.

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