Arabian Cement aims to raise $120m in IPO
Egypt’s Arabian Cement Co has said it aims to raise around $120m in its initial public offering (IPO), Reuters has reported. The company plans to sell 85.202 million shares at a maximum price of EGP9.85 ($1.40), investor relations manager Haitham El-Shaarawy said. Arabian Cement Co said trading will start around May 21. The group has a production capacity of five million tonnes a year and a market share of around 8%.