Jose Maria Magrina, the chief executive officer of Arabian Cement Co. revealed that his company will list the 40% stake owned by Egyptian investors in its capital on the Egyptian Exchange (EGX), while the remaining 60% equity will continue to be held by Spain- based Cementos La Union. Meanwhile, first-hand sources said that the share listing procedures are expected to be finalized before the end of 2013 and that the IPO will be launched early next year. Mohamed Abdel Fattah, partner in DLA Matouk Bassiouny and the head of the capital markets department and the legal advisor for ACC IPO, said that ACC is compatible with the Exchange listing rules.

Abdel Fattah confirmed addressing and submitting initial documents to Misr for Central Clearing, Depository, and Registry for reviewing them in order to be registered at the central depository, in line with completing the procedures of listing on EGX. During a meeting held today between Dr. Mohamed Omran, Chairman of the Egyptian Exchange (EGX) and Mr. Magrina, it was agreed that the company will start this week the procedures of listing on the Egyptian Exchange (EGX). The meeting was attended also by representatives of the lead managers EFG-Hermes and CI Capital.

Omran said that a meeting will be held between the company’s chief executives, the lead managers and EGX officials to set the mechanisms for the stock listing. He stressed the stock market’s efforts to lure more share listings of huge entities. For his part, Magrina pointed out that his company has a share reaching 10% of the local cement market. He added that his company plans to float 22.5-40% of its EGP 757 million capital. The top official also added that the final amount of shares to be offered to the public would be defined based on investor turnout for the offering that is planned for early Q1-14.