Cairo – Mubasher: The United Media Services Company (UMS) has restructured the company and announced plans to float 20% to 30% stake on the Egyptian Exchange (EGX) over the coming period.
UMS will form a committee dedicated to the company’s investment plans.
The company also revealed its intention to launch a regional news channel to present Egypt’s local vision and about the region as well.
Hassan Abdallah has been named as UMS’ Chairman, succeeding Tamer Morsi, who will remain a member of the board alongside Mohamed Samir, Mohamed El-Saadi, Ashraf Salman, and Amr El-Fiqi.
UMS has turned profitable in 2021 at EGP 256 million, against losses worth EGP 469 million incurred in 2017.
