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MENAFN: InterCairo Aluminum to cancel IPO procedures due to US dollar exchange hikes

The world prices of aluminium dropped significantly, which has forced the company to retreat from offering its shares on the EGX.
24.10.16 | Interesting article at MENAFN

n official source at InterCairo Aluminum Extrusion said that the company has ruled out the listing and offering of its shares on the Egyptian Exchange (EGX) after the EGX has agreed to delist its shares from the stock market.
The source added that InterCairo has retreated from offering its shares due to the high costs of listing shares and the measures of determining the fair value of stocks since 2015. In addition, the company has been facing a financial crisis due to the US dollar exchange hikes on the informal market, which led to increasing prices of imported raw materials, as well as energy supply.

He continued that the world prices of aluminium dropped significantly, which has forced the company to retreat from offering its shares on the EGX.