Shahid Law on Lotus for Agricultural Investments IPO on EGX

Shahid Law Firm, in collaboration with Odin Investments and Financial Capital Services, provided advisory services to Lotus for Agricultural Investments and Development for its Initial Public Offering (IPO) and subsequent listing of shares on the Egyptian Exchange (EGX). 

To commemorate this milestone, a bell-ringing ceremony took place yesterday, attended by Ramy El Dokani, the Executive Chairman of the Egyptian Stock Exchange, Lotus’s senior management, and the offering team. 

Lotus for Agricultural Development and Investment (LUTS.CA) operates in the agricultural sector, focusing on activities such as land reclamation in desert areas and cultivation of strategic crops like sugar beets and wheat. The company also supplies animal feed to domestic farms and exports its products. Currently, the company is engaged in a land reclamation project spanning 3,000 acres in the New Valley Governorate, with the entire production intended for export. 

With an authorized and paid-up capital of 56 million Egyptian pounds, divided into 560 million shares, the company has ownership rights valued at approximately 89 million pounds. In 2022, Lotus recorded profits exceeding 12 million Egyptian pounds. 

Shahid Law Firm team was led by partner Michael Boutros (head of M&A and capital markets practice, pictured) and associate Mehiar Joulji.