Cairo construction and engineering firm Hassan Allam has revealed its plans to float up to 44.3% of its shares on both the Egyptian Exchange and the London Stock Exchange.

In a note to investors on 8 October 2018, the company said it intends to use the proceeds to develop solar assets, fund its water platform, acquire a specialty engineering company, and support continues growth in construction and building materials.

The group’s main market is Egypt and it operates overseas through subsidiaries in Saudi Arabia and Algeria. It is also open to overseas prospects, the group added in its announcement.

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Amr Allam, co-chief executive officer of Hassan Allam Holding, said: “This potential offering will see us tap global equity markets and provide us with the necessary growth capital to rapidly build out our utilities portfolio.

“Our ultimate goal is to continue delivering steady growth and consistent returns to our shareholders generated by our legacy construction and building materials businesses, while simultaneously driving accelerated recurring revenue growth from utility plays in a nascent and fast-growing market. We look forward to delivering on our strategy and to our next growth phase as a public company.”

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No potential flotation dates were given by the group – one of the established general contractors in Egypt. 

With the Hassan Allam family operating in the construction business since 1936, it describes itself one of the oldest and one of the most recognised construction franchises in the Middle East and North Africa. The company also operates complementary business lines that provide engineering, procurement, and construction services, employing more than 34,000 individuals as of 30 June 2018.