Egypt's E-Finance Set to be offered in IPO by End of 2019Source: www.export-egypt.com 9/9/2019, Location: Africa |
|
|
|
|
|
Egypt’s first fin-tech company, e-finance, said it would be offered in an initial public offering (IPO) by the end of the year, Ibrahim Sarhan, head of e-finance said at the Euromoney Egypt Conference, held in Cairo.
Sarhan said the company would fall under the IPO programme by the end of 2019 weeks after he told Ahram Online that the awaited offering was “subject to the government’s will… and not a final order.” Last week Egypt said it was gearing up to implement the second wave of IPOs in September. E-finance, which operates the government's financial network with a paid capital of EGP 500 million, will be the second company to be sold in an IPO after Banque du Caire. Banque du Caire will offer a stake of its shares, ranging between 30 and 40 percent, which is expected to garner between $300 million and $400 million, CBE Governor Tarek Amer said in previous statements. In 2016, Egypt announced the launch of the IPO programme by offering a portion of shares in state-owned companies on the EGX to revive the market as part of the country's economic reform programme. The IPO programme aims to attract investments to the domestic market and make ultimate use of state assets. The programme is scheduled to be fully implemented within three to five years over 23 companies and banks in various sectors, including real estate, services, petroleum, and chemicals, targeting to collect approximately EGP 8 billion, according to the initial statement of the fiscal year 2019/20 budget. Egypt offered a stake of 4.5 percent of Eastern Company’s shares on the EGX with a total value of EGP 1.72 billion in March. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
