RIYADH: Egyptian football club Ghazl El Mahalla has shifted its timetable for listing on the stock exchange to early April.

The club was due to appear on Egypt’s market in early February, but Mohamed Maher, from investment bank Prime Holding, told Asharq that date has been moved.

The offering is set to raise 135 million Egyptian pounds ($8.6 million), or 60 percent of the club’s capital.

The prospectus for the initial public offering on the Egyptian bourse will be completed within days, Maher said.

He added that the book-building process will start by the end of February until mid-March, aiming for its shares to start trading in early April.

The sporting club had earlier closed a private placement of 37 million pounds ahead of the public offering.

Owned by the Egyptian El Mahalla Spinning and Weaving Co, Ghazl El Mahalla is one of Egypt’s biggest football teams.