The United Media Services (UMS) company announced it will list its shares on the Egyptian stock exchanges (EGX) by 2024.
At a press conference Saturday, the company also announced that it will launch a regional news channel targeting Egyptians, Arabs and Arabic language speakers in Europe, USA, Canada and Australia.
The channel, which will offer professional coverage of international news, will be released in 2022.
During the conference, the company screened a short video showing how it changed the Egyptian media industry to the better in the past five years.
UMS, the largest media conglomerate in the Middle East and North Africa region, has over 30 subsidiaries, including El-Hayah TV, CBC TV, Extra News channel, Al-Youm7 newspaper, DotMsr, among others.
During the press conference, the company said it has faced several challenges since its launch 2018 like how to reform Egyptian media system, develop content and stop losses.
It added that after reforming drama and media sector, the company succeeded in making profit of over LE250 million this year compared to a loss of about LE470 million in 2017.
This prompted the company to put forward a plan to increase investments by listing its shares in the stock market.
UMS also announced the new structure of its board of directors comprising Egyptian Financier Hassan Abdallah as the new chairman of the group and Ashraf Salman, the former minister of investment.
The press conference was attended by a host of media personalities and celebrities.
Discussion about this post