The United Bank Plans to Float 30% of Its Shares on EGXffSource: www.export-egypt.com 10/28/2024, Location: Africa |
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The United Bank has announced its intention to offer 30 percent of its capital, equal to 330 million shares owned by the Central Bank of Egypt (CBE), on the Egyptian Stock Exchange (EGX) this.
The bank is currently seeking the necessary approvals from the Financial Regulatory Authority (FRA) and the Egyptian Exchange to proceed with the stock issuance. The offering is expected to be completed by the fourth quarter of 2024, contingent on market conditions and the finalization of approval procedures. CI Capital brokerage firm will manage the public offering, while Baker McKenzie will serve as the legal advisor, according to United Bank. “The business model of the United Bank has always aligned with a strategic framework aimed at delivering high-quality services to customers while adhering to effective governance and internal controls.”Ashraf Elkady, Managing Director of the United Bank, stated. In September, the CBE announced its plan to sell a portion of its shares in the The United Bank on the EGX. The United Bank is one of 32 state-owned companies identified for divestment under the government’s IPO program. Prime Minister Mostafa Madbouly emphasized the government’s commitment to divesting from various projects, noting that some received offers for the assets were not suitable and had been rejected. He reiterated that the United Bank will be listed as a public offering, highlighting the government's goal to enhance state assets rather than merely sell them. |
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