IPO of Ghazl El-Mahalla Football Club extended to August 14

CAIRO - 3 July 2022: The Financial Regulatory Authority (FRA) approved to extend the period of the initial public offering (IPO) Ghazl El-Mahalla Football Company to increase its issued capital to next August 14 instead of July 3, according to the Egyptian Exchange (EGX).

 

The EGX said, in a statement today, Sunday, that the FRA also agreed to increase the maximum number of shares that a single subscriber is allowed to subscribe to, to 15 million shares instead of 2 million shares.

 

On Sunday, June 12, Ghazl El-Mahalla Football Company started the IPO of shares to increase the company’s issued capital from LE 102 million to LE 200 million, for the number of 98 million shares of the company’s capital at a price of LE 1.02 per share.

 

The Ministry of Public Business Sector completed the establishment of Ghazl El-Mahalla Football Company in January 2021, to become the first Egyptian joint stock company specialized in football activity, after separating the football activity at Ghazl El-Mahalla Club affiliated to Misr Spinning and Weaving Company in El-Mahalla El-Kubra - one of the companies of the Ministry of Public Business Sector - in an independent entity bearing the name "Ghazl Al-Mahalla Football Company".

 

The capital of the Mahalla Football Company consists of an in-kind share of the Misr Spinning and Weaving Company in Mahalla, about LE 65 million, in exchange for the right to use the name and stadium for a period of 20 years. The capital was increased by LE 37 million from Egyptian and Gulf investors and institutions in a private subscription, bringing the paid-in capital to LE 102 million, before offering the increase by LE 98 million pounds for public offering.