Macro Group announced the postponement of the offering of its shares on the Egyptian Stock Exchange, despite the demand from international investment institutions.
According to a statement issued by the company today, the process of offering the company’s shares in the Egyptian market has met with great demand from international investors and institutions in major international financial centers, reflecting its capabilities as the largest cosmetic and nutritional supplement company in Egypt, and the company’s ambitious growth plans.
The company explained that its management decided – in coordination with the relevant regulatory and supervisory authorities – to postpone the offering of the company’s shares and the consequent delay in starting trading on its shares for another time, and this comes in light of studying the extent to which the market has absorbed simultaneous offerings, whether during the past days or during the next few period .
The Education Management Services Company started trading its shares on the stock exchange last Wednesday, while the health care giant, Integrated Diagnostics Holding Company listed on the London Stock Exchange, is preparing for the technical listing of about 5% of its shares on the Egyptian Stock Exchange later this April.
She added, “In coordination with our selling shareholders, we are fully committed to the next phase of our journey as a publicly traded joint stock company, and we look forward to starting trading on our shares later this year.”
Before the postponement, it was scheduled to start receiving subscription orders in the public offering segment for individual investors today within the indicative price range of 5.30 – 6.15 pounds per share.
The Egyptian Financial Supervisory Authority announced the opening of the door to receive and register orders in the public offering of shares of Macro Group Pharmaceuticals Company, from today Sunday to Thursday, April 15th, after agreeing to publish the prospectus yesterday.
Macro Group was to offer about 45.8% of its shares – representing 264.5 million shares in a secondary offering, to international and local institutions, as well as to individual investors in Egypt.
The company set the indicative price range for the offering between 5.30 and 6.15 pounds per share. This puts the market value of the company between 3.1 and 3.6 billion pounds.
The final price of the share at the offering was scheduled to be announced after the closing of the subscription in the private offering segment on Thursday, and by tomorrow, Monday, April 12th.