MOPCO in talks to hire financial advisor for IPO

State-owned Misr Fertilizers Production Company (MOPCO) is in talks to appoint an independent financial advisor to set the stock’s fair value in preparation for listing on the local stock market, said Chairman Hassan Abdel Alim.

The Egyptian Exchange said it received a request on Thursday from the state-owned fertiliser producer to list on the stock market with EGP 2.3 billion capital.

The portion of shares to be floated has not been defined yet, the top official told Mubasher.

He added that his company plans to open two new plants at total investments of EGP 2 billion in April and July.

The listing request shows the willingness of the government to benefit from available financing in the stock market, the EGX statement said, adding that the announcement follows Egypt’s recent economic summit in the Red Sea resort of Sharm El-Sheikh.

EGX chairman Mohamed Omran said during the summit that the Egyptian government should capitalise on the stock market in providing financing and restructuring public sector companies.