Mohammad Mo'men, chairman of Egypt's fast food group, Mo'men has revealed plans to sell 40% of the company's shares in an initial public offering (IPO) in late 2012, Reuters has reported. The IPO's value "would not be less than EGP400m and the preliminary date is the end of 2012", Mo'men said. The group, which operates in Sudan, Bahrain and Libya as well as Egypt, is seeking to expand into more markets in the Middle East. "We aim to enter the Saudi market in 2012 and we will open our first branch in Qatar in the first quarter of 2011," he said.