Al-Babtain Power & Telecommunication Co. (Al-Babtain) signed today an agreement with Cairo-based brokerage firm Premier Holding Co. to help launch the initial public offering (IPO) of subsidiary AB P&T Egypt on the Egyptian Exchange, Al-Babtain said in a statement to Tadawul.

 

Under the one-year agreement, the brokerage will get EGP 462,000 for assessing the Egyptian subsidiary, in addition to getting 2 percent of the offering value, 
the statement said.

 

The deal, which has no related parties, comes as part of Al-Babtain’s plan to strengthen financial position, reduce risks and expand the business through acquisitions, mergers or retaining part of the investment.

 

A positive impact is expected to show after the final assessment, it said.

 

The IPO is subject to obtaining Egyptian regulatory approvals, the statement added.

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