(Ecofin Agency) - Hassan Allam, the Egyptian construction company announced in a communiqué published last Monday, that it would list 44.3% of its capital on Cairo and London stock exchanges to fund its development plan.

The shares that will be listed are owned by the family of the businessman Hassan Allam who own 86.2 % of the company and the International Finance Corporation (13.8%).  

Hassan Allam explained that the funds raised via the listing should help support its growth in the construction and building materials sector as well as development of the group’s assets in the solar energy and water treatment sectors but he did not reveal when the group would be listed.  

The construction group also expects to acquire another company specialized in the engineering sector.

Hassan Allam operates in Egypt and has subsidiaries in Algeria and Saudi Arabia. The listing of this family group that employs 34,000 people will be steered by Renaissance Capital and EFG Hermes.