Prime Capital has announced that the EGP 37m worth private placement of Ghazl El-Mahalla Football Company will be completed by the end of this week.
The public offering on the Egyptian Exchange will be launched within the next few weeks. Ghazl El-Mahalla will offer a share of more than 60% of its capital.
The company’s capital is expected to reach EGP 200m, of which EGP 65m represents the value of the in-kind share of the Misr Spinning and Weaving Company’s contribution to El-Mahalla El-Kubra, which is usufruct rights of the stadium and the commercial name for 20 years. The rest of the value worth EGP 135m represents the proceeds of the offering on EGX, of which EGP 37m were through private placement.
Ghazl El-Mahalla has paved the way for sports companies to list their shares on the Egyptian Exchange, being the first football team in the Middle East to list its shares on the stock market. The company was established in January 2021 in line with the new Sports Law.
