By Ahmed Allam

Cairo – Mubasher: The Egyptian Media Group plans to hike its issued capital to EGP 1 billion from EGP 882 million before getting registered onto the Egyptian Exchange’s (EGX) database by 2017, said FEP Capital’s managing director Omar Al Maghawri

The stock’s nominal value is placed at EGP 100, but with stock split it will be EGP 1 a share, Al Maghawri added in a press conference on Monday.  

Earlier, the company inked an agreement with FEP Capital to advise on its forthcoming initial public offering (IPO) on the EGX.

The share flotation and trading activity are scheduled to take effect by the first quarter of 2018 with a total value no less than EGP 1 billion, the managing director concluded.

The Egyptian Financial Supervisory Authority (EFSA) received an official request to classify the media producer as a holding company for owning many stakes in other firms, along with a number of future acquisitions, the managing director concluded.