Norton Rose Fulbright has advised Arabian Cement Company (ACC) on its IPO on the Egyptian Exchange, marking the stock exchange’s first new listing since 2011.
The firm won the first-time instruction from ACC following a competitive pitch process, partially due to recommendations by the joint global coordinators on the offering, EFG Hermes and CI Capital.
Norton Rose Fulbright’s Middle Eastern corporate chief, David Baylis, led on the deal with support from its US corporate finance head in London, Tom Vita.
Senior associate Kevin Connolly and associate Marina Petrova assisted in the City, while senior associate Akshay Dosaj supported the team from Abu Dhabi.
Cairo firm Matouk Bassiouny provided Egyptian legal advice on the deal.
ACC is majority owned by Spain’s Cementos La Union. The offering involves the sale of shares by some minority shareholders of ACC as a secondary offering.
The deal may mark a sea change for the Egyptian economy, which has experienced continued upheaval since the reesignation of president Hosni Mubarak in February 2011.
Baylis said: “It’s likely that a number of other IPO candidates are looking closely at the success of ACC’s IPO to determine whether or not to list themselves.”
It is thought these are likely to occur in the third quarter of 2014, following Ramadan and the summer period.