Eagle Capital will not rule out plans to list Egyptian Media Group on the stock market after the company acquired Egyptian businessman Ahmed Abou Hashima’s stake in the company last week, a senior official at the company told Daily News Egypt.
“We don’t have any intention to rule out the initial public offering (IPO). This could be in the first half of 2018,” the official, who spoke on condition of anonymity as they are not authorised to speak to the media, confirmed.
EMG is the parent company of high-profile media assets including Synergy, ONTV, and Presentation Advertising Agency.
The value of Eagle Capital’s takeover was not disclosed, nor were any further details regarding EMG’s plan to go public in 2018.
In 2016, Egyptian Media Group signed an agreement with FEP Capital to manage the company’s restructuring plan to offer a stake in an initial public offering on the Egyptian Exchange (EGX).
Media reported then that EMG would raise at least EGP 1bn ($113m) in an initial public offering during the first quarter of 2018.
“The proceeds of the IPO will be used to expand in the local media market. We have an ambitious plan to grow,” the official added.
EMG had recently bought the ONTV channels from Egyptian billionaire Naguib Sawiris, as well as 50% of Misr Cinema Company from businessman Kamel Abou Ali.
Abou Hashima is currently chairperson and CEO of the Cairo-based Egyptian Steel, which he co-founded in 2009.
In addition to Egyptian Steel, the tycoon also owns Abou Hashima Steel Group and has shares in many other major industry companies in Egypt.
The tycoon also sought to make his mark in the media industry, but it seems his strategy has changed.