The United Media Services Company (UMS) has announced plans to float 20% to 30% stake on the Egyptian Exchange (EGX) by 2024. The announcement comes amid the company’s restructuring.
Hassan Abdallah has been named as UMS’ Chairman, succeeding Tamer Morsi, who will remain a member of the board alongside Mohamed Samir, Mohamed El-Saadi, Ashraf Salman, and Amr El-Fiqi.
In addition to its EGX debut, it plans to launch a regional news channel to present Egypt’s local and regional vision, the company revealed in a Saturday news conference.
UMS has turned profitable in 2021 at EGP 256 million, against losses worth EGP 469 million incurred in 2017.
UMS, formerly known as the Egyptian Media Group, is the Middle East and North Africa’s largest media conglomerate with over 30 subsidiaries. These include newspapers, media production, event management, advertising, and communications agencies.
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