CAIRO: Ghazl El Mahalla Football Co. intends to sell a 135 million Egyptian pounds ($8.6 million) stake through an initial public offering by August or September of this year, according to Public Business Sector Minister Hisham Tawfik.
Ghazl El Mahalla SC is one of the biggest football clubs in Egypt and is currently 12th in the Egyptian Premier League. Its owner is a subsidiary of Cotton & Textile Industries Holding Company.
Cotton & Textile Industries is building factories in El-Mahalla El-Kubra city that it expects to be fully operational before the end of the third quarter of 2022, Tawfik told Asharq.
The new factories will help the company increase production to 188,000 tons of yarn, up from 35,000 tons at present, giving it about two-thirds of the market in Egypt.