The Clap
“Galina Food Complex”, which owns Galina and Gallo companies, is planning a private placement on the EGX. Galina is a producer and exporter of frozen fruits and vegetables
Claps Class
Private placements, unlike public offerings, happen when the company offers its shares to specific investors, mostly institutional investors and high-net worth individuals.
The deets
The company intends to list 150 million shares in addition to its existing 117 million shares.
Galina had assigned “Perfect Consultancy” to determine the fair value of the share, which was determined at EGP 5/share.
The company plans to increase its capital from EGP 267 million to EGP one billion through the private placement.
Galina’s board of directors stated that the company had received an offer from an international & a Gulf bank to acquire 30% stake in the company through the offering.
Backstory
Last year, Galina had attempted to list its shares in the EGX, but the process was halted due to a dispute over the fair value of the shares.
