EGYPT. Egypt Free Shops Company (also known as MISR Duty Free Shops) is to raise EGP100 million (US$18 million) through an IPO, doubling its authorised capital.
At its board meeting on 17 January the company, which runs a chain of duty free stores, also agreed to a ten-fold split of company shares.
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Egypt Free Shops runs duty free and duty paid stores throughout the country |
The company intends to distribute bonus shares in an effort to add fluidity in traded shares to 24% from the current 9.0%.
The retailer (www.egyptfreeshops.com) was established in 1975 as part of the national carrier Egyptair. In 1997 it was privatised after its separation from the airline. It is one of three companies entitled to import and sell duty free goods in Egypt and is traded on the Cairo and Alexandria Stock Exchanges (CASE) under the MFSC.CA symbol. It runs 17 duty free shops and nine that are duty paid.
Its stocks were temporarily suspended yesterday due to unusual increases. The share price jumped by +25.64% and +24.09% on Monday and Tuesday respectively. (The Moodie Report tracks MISR shares as part of The Moodie Reportfolio on our daily Stockwatch tickertape). Its price eased back -6.63% yesterday.
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