The Al-Abd Group intends to list its shares on the Egyptian Exchange’s (EGX) SMEs market, known as the Nile Stock Exchange (NILEX), during the first half (H1) of 2021, informed sources have told Daily News Egypt.
The group’s listing will take place with Elite Financial Consulting serving as manager of the listing process.
The sources pointed out that, during the current year, the Al-Abd Group has completed the bulk of the procedures for reconciling its situation with the conditions of registration on the stock market. The company’s capital currently stands at about EGP 90m.
The company was established in 1981 under the name of Al-Abd Group, with the aim of competing in the field of household appliances and their components. Since that time, it has been working as an exclusive agent for many international brands in the Egyptian market in the field of home appliances.
The company’s products also include some durable goods and home appliances, including automatic washing machines and top loading washers, dishwashers, refrigerators and freezers, cookers, and water heaters. These items are completely manufactured within a group of home appliance factories located in Italy and Turkey, with some of the products also produced in the company’s factory in Egypt.
The Al-Abd Group owns a factory in Sadat Industrial City, which covers an area of about 106,000 sqm.
At the end of 2020, Elite Financial Consultancy said it aimed to start procedures for offering two companies on the NILEX during 2021, in the retail and home appliances sectors.
The agency serves as the independent financial advisor to offer the speculative sukuk of the Sarwa Capital Group, worth EGP 2.5bn, for the benefit of Contact Finance and it also drew up a feasibility study.
Last year, the Financial Regulatory Authority (FRA) granted Elite Financial Consulting the first licence for an independent financial advisor, in accordance with new licensing terms for companies wishing to engage in financing of SME activities.
This followed the company’s foundation through a consortium of experiences in the market with a capital of EGP 945,000 in 2018.
In 2018, the EGX started announcing a plan to develop the market for SMEs, in coordination with the European Bank for Reconstruction and Development (EBRD). The plan began with holding a workshop to strengthen and qualify SMEs listed on the NILEX at various administrative and technical levels, as well as governance and sustainability activities.
