close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Egyptian fast food firm Mo’men sees IPO in 2012

IPO planned for about 40 percent of company's shares.

0

October 7, 2010 2:32 by



Egypt’s fast food group Mo’men plans to sell 40 percent of its shares in an initial public offering (IPO) in late 2012, its chairman said, a rare potential offering on a bourse that has had just one IPO in two years.

Mohammad Mo’men told Reuters in an interview he expected the company to increase its revenue to about 1 billion Egyptian pounds ($176 million) in 2011 from a targeted 750 million this year, as well as planning to buy two small companies. The IPO’s value “would not be less than 400 million pounds and the preliminary date is the end of 2012″, Mo’men said.

The global financial crisis halted IPOs in Egypt after oil services company Maridive and real estate firm Palm Hills Developments sold shares in mid-2008.

Then in June, dairy and juice maker Juhayna Food Industries sold shares to the public, stirring optimism the IPO drought was over. Real estate firm Amer Group may also make an offering before the year is over.

Mo’men, owned by the Mo’men family, has brands such as Pizza King and Planet Africa. It operates in Sudan, Bahrain and Libya as well as Egypt and is seeking to expand into more markets in the Middle East.

“We aim enter the Saudi market in 2012 and we will open our first branch in Qatar in the first quarter of 2011,” Mo’men said.

The company plans to take over a small Egyptian food company for between 60 million pounds and 80 million and also wants to buy a chain of about 20 restaurants in Malaysia for about 15 million Malaysian ringgits ($4.9 million), he added.

Mo’men said his company held about 16 percent of Egypt’s fast food market — where it competes with McDonald’s and other brands — and aimed to boost that share to 18 percent next year.

British private equity firm Actis had invested in Mo’men but exited earlier this year.

(Writing by Alexander Dziadosz; Editing by David Holmes)



0

Tags: , , ,

Leave a Comment