General Motors Company commenced this week a $13 billion public offering, but the move “does not have any bearing on the legal/financial structure of GM Egypt,” the firm said in a statement.
“GM Egypt remains a self sustained Egyptian joined stock company with management control of GM,” the statement read.
The offering will consist of 478 million shares of common stock to be sold by certain of its stockholders. The company will also issue 87 million shares of its Series B mandatory convertible junior preferred stock. The price range for the offering of common stock is $33 per share
The automaker hopes the IPO will open the door for “more investments around the world offering more products, increasing customer and dealer base and positively impacting the industry worldwide, [which] with no doubt will contribute to GM Egypt business growth both on the local and regional level.”
