Egyptian contractor Hassan Allam plans float up to 44.3 per cent of its shares on the Egyptian Exchange and the London Stock Exchange.

The selling shareholders are the Hassan Allam family which collectively owns an 86.2 per cent stake in the company, as well as the International Finance Corporation (IFC) which owns a 13.8 per cent stake in the company.

The company plans to use the proceeds raised from the capital Increase to develop a portfolio of solar assets under Lightsource BP, powered by Hassan Allam Utilities, and fund its water platform by developing new assets and acquisitions. The company also plans to acquire a specialty engineering company and support continuing growth under the construction and building materials businesses.

EFG Hermes Promoting and Underwriting and Renaissance Capital are acting as joint global coordinators, and, together with Arqaam Capital, are joint bookrunners for the offering. Shearman & Sterling is international counsel to the group.

White & Case is International Underwriters’ Counsel; Matouk Bassiouny is local counsel to the group; MHR & Partners in association with White & Case are Underwriters’ local counsel. Inktank Communications is investor relations adviser.