Egypt’s construction and engineering company Hassan Allam Holding revealed on October 8 its intention to float up to 44.3% of its shares on the Egyptian Exchange (EGX) and London Stock Exchange (LSE), Invest-Gate reports.

The proceeds of the IPO will finance the development of solar energy assets, a water project, the acquisition of a specialized engineering company, in addition to supporting its continued growth in the construction and building materials sector, according to a released statement.

“The selling shareholders are the Hassan Allam family, which collectively owns an 86.2% stake in the company, as well as the International Finance Corporation (IFC), which owns a 13.8% stake,” according to the statement.

Arqaam Capital, Renaissance Capital, and EFG Hermes will be joint global coordinators for the sale and will also act as joint bookrunners.

Commenting on the offering, Co-CEO of Hassan Allam Holding Amr Allam said, “This potential offering will see us tap global equity markets and provides us with the necessary growth capital to rapidly build out our utility portfolio.”

“Our ultimate goal is to continue delivering steady growth and consistent returns to our shareholders generated by our legacy construction and building materials businesses, while simultaneously driving accelerated recurring revenue growth from utility plays in a nascent and fast-growing market,” he added.

However, the company did not reveal details on a date or pricing information for the share offer.

The Cairo-based company first announced its intention to list its shares in 2016, coming in line with the government’s launch of its IPO program which aims to offer shares over three to five years in several state-run companies in fields such as petroleum, chemicals, and real estate to attract local and foreign capital flows to Egypt.