By Mahmoud Salah El Deen

Cairo – Mubasher: The Egyptian airline based at Cairo International Airport, Nile Air, plans to publically issue a stake on the Egyptian exchange (EGX) during 2017, said Ahmed Ali, Nile Air’s CEO.

“Next October, the company will finalize all details over its initial public offering”, Ahmed Ali said.

Nile Air presently chews over all variants and the apt timing for launching the share offering in co-operation with a specialized underwriter, the CEO indicated.

Earlier, Yousry Abdel Wahab, managing director, told Mubasher that the company plans to float 30% of its shares on Cairo bourse during the first half of 2016.

The upcoming 30% offering, the managing director continued, will be taken out from the 60%-publically-owned stake, while Nasser Al Tayyar will keep his 40% stake intact.

The company started operating with a paid-in and issued capital of EGP 200 million and then approved a top-up in 2012 to support operating expansions, according to the official website that gives no detail on the capital hike’s figures.

Translated by Ahmed Elsayed Ali