ACT Financial approved for IPO, expects to launch on EGX within 2 months

Cairo – April 28, 2024: Investment management company, Act Financial, has announced that it received approval from the Egyptian stock exchange (EGX) to launch its initial public offering (IPO) in the next two months.

In a release by the company, Act Financial explained that it intends to use 100 percent of the IPO proceeds to increase the company’s capital without any exit from existing shareholders.

Details of the IPO will be disclosed once the final listing on the EGX is completed in Q2 2024, the release explained.

The company’s listing ticker on the EGX will be ACTF.CA.

Unconfirmed media reports from last month estimated proceeds to reach EGP 1 billion, with 75 percent distributed for acquiring stakes in EGX-listed companies, 20 percent for financing the registration of new SMEs on the EGX, and the remaining 5 percent for reviving its subsidiaries in securities trading and asset management.

“This has been our vision and dream since starting Act almost a decade ago in 2015. The IPO will not only mark a new chapter in our journey but also provide us with the necessary resources to capitalize on our pipeline of opportunities. This will allow us to grow and expand, further solidifying our position as a key player in the investment scene,” explained CEO Bassem Azab.