E-finance offering 'largest' in EGX history: Prime Minister



Wed, 20 Oct 2021 - 03:26 GMT


Wed, 20 Oct 2021 - 03:26 GMT

FILE- The EGX trading session on December 12, 2017

FILE- The EGX trading session on December 12, 2017

CAIRO – 20 October 2021: Prime Minister Mostafa Madbouly praised Wednesday the success of the offering of "E-Finance for Financial and Digital Investments" on the Egyptian Stock Exchange, describing it as "the largest in the history of the Egyptian Stock Exchange", as this offering contributed to the entry of foreign investments into the Egyptian market, in addition to the local investments that were subscribed to it.


He pointed to the importance of completing the initial public offering (IPO) plan prepared by the state, as the demand for buying the shares of the "e-finance" company, which was offered, reflected the confidence of local and foreign investors in the Egyptian economy. Madbouly confirmed that "the implementation of the offering plan will be followed up."


For her part, Minister of Planning and Economic Development Hala El-Said confirmed that the investors covered the offering of the shares of "e-finance", including major foreign investors, some of whom are investing in Egypt for the first time, noting that the total quantities of purchase orders exceeded 61 times the offered shares.


EGX) received Wednesday the incomer number 241 in the list of listed companies, e-finance for financial and digital investments, a leading company in the development, management and operation of technological networks for digital transactions.


The company will be traded under the symbol (EFIH.CA).


The latest EGX data revealed that e-finance for financial and digital investments topped the list of the largest offerings on the Egyptian Stock Exchange, with a value of LE 5.8 billion, exceeding the LE 5.2 billion offering of Telecom Egypt's offering in 2005.


The public and private offering of e-finance for financial and digital investments was carried out for 417.77 million shares, representing 26.10 percent of the company's issued capital, at a price of LE 13.98 per share in two tranches (public and private) with a total value of LE 5.84 billion.


The number of public offering shares distributed over 25.77 million shares, representing 6.17 percent of the total shares offered for sale, representing 1.61 percent of the company’s total issued shares, while the number of private offering shares amounted to 392 million shares, representing 93.83  percent of the number of shares offered for sale, which represents 24.5 percent of the total issued shares of the company, bringing the market capital of "E-Finance" to approximately LE 22.4 billion, before the start of trading on the company's shares on the stock exchange.

For his part, Mohamed Farid, Chairman of the Egyptian Stock Exchange, said that listing, offering and starting trading today on e-finance for financial and digital investments is an important step that will encourage other government and private companies to offer and trade to benefit from the Egyptian Stock Exchange platform in achieving its goals and business plans.


He stressed that public offerings contribute to distributing the benefits of economic growth in which companies whose securities are listed on the EGX.


"Capital markets play a key role in helping economic entities operating in various activities and sectors access the financing necessary for growth and expansion and achieve their vision, which contributes to providing jobs and supporting the objectives of economic and social development plans for different economies,” Farid stated.


He stressed that the new offerings would add new securities to the market, as well as attracting liquidity through new or existing dealers, which motivates other public and private companies to offer, and works to enhance the supply side.





Leave a Comment

Be Social