April 5, 2017 / 11:03 AM / 4 months ago

Naeem Holding starts private placement worth $55.7 mln for real estate fund

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CAIRO, April 5 (Reuters) - Egypt's Naeem Holding on Wednesday started a private placement for a real estate fund worth 1 billion Egyptian pounds ($55.71 million), the company's chief executive officer Yousef Al Far said at a news conference.

The private placement will take place for one month and will be followed by an initial public offering for the fund before the Muslim holy month of Ramadan, due to start at the end of May. ($1 = 17.9500 Egyptian pounds) (Reporting by Ehab Farouk; writing by Asma Alsharif. Editing by Jane Merriman)

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