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Egyptian side Ghazl El Mahalla seeks to issue Arabian football’s first IPO

(Photo by Clive Mason/Getty Images).

Egyptian Premier League team Ghazl El Mahalla Sporting Club is seeking to raise up to EGP135m ($8.6m/€7.6m) from an initial public offering on the country’s stock market.

Egypt’s Public Enterprise Ministry issued a statement revealing the club’s bookrunner Prime Holdings is expected to complete a private placement of EGP37m in shares with institutional investors this week. The club will then issue a prospectus for its EGP98m public offering "soon", Bloomberg reported the ministry as saying.

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