Mahalla Spinning Club to offer stake worth LE135M on EGX within 2 weeks

CAIRO - 7 December 2021: Minister of Public Business Sector, Hisham Tawfik revealed that Prime Investment Bank is about to complete the procedures for the private and public offering of Mahalla Spinning Club within two weeks.

The minister added in statements on the sidelines of the Seventh CEO Conference, Monday that the total value of the offered share is estimated at LE 135 million.

Mahalla Spinning Club will become the first football club to establish an independent joint stock company in Egypt, in accordance with the new sports law, and it will also be the first sports club to trade on the Egyptian Stock Exchange.

Mahalla Spinning Club intends to offer a stake close to half of its capital, which is set to be 200 million pounds, on the stock exchange, by raising nearly 135 million pounds.

The expected offering may pave the way for the Egyptian football giant Al-Ahly Club to offer up to 49 percent of the shares of Al-Ahly Football Company for public offering on the Egyptian Stock Exchange.

The Chairman of the Board of Directors of Al-Ahly Football Company, Yassin Mansour, said earlier that the club’s board of directors is considering offering a share of the company’s shares for public offering in preparation for its listing on the EGX.

Mansour added that this stake amounts to 49 percent, while Al-Ahly Club will keep its ownership in the company at 51 percent.

Mansour did not specify a date for the start of the subscription process.