Developer of Egypt's New Administrative Capital to Hire Banks for Share Listing

The Administrative Capital for Urban Development Company (ACUD) in Egypt is forming a committee headed by the head of the financial sector, to evaluate the company's assets in first steps to offer its shares on the Egyptian Stock Exchange, Hapi Journal reported on Sunday. The company is looking into choosing investment banks and advisers to take over the offering process, provided that they will be chosen in the last quarter of this year or early next year, ACUD Chairman Major General Ahmed Zaki Abdeen said.

Land areas were determined in the second and third phases in the recent days, estimated at 127,000 acres, and the real estate sector of the company provided all data for the remaining areas of the first phase, which amounted to about 6,000 acres, and they are expected to be included in the assets offering, sources told the paper.