The SEIC, the Egyptian investment arm of KSA’s Public Investment Fund (PIF), reportedly is looking to increase its stake in the state-owned FinTech to 28 percent from 25 percent
Sarhan emphasized the company's extensive expertise in the field of financial technology and stated that it is studying the license’s requirements with its local and international partners
The group's strategy at the present time includes investing the proceeds of the capital increase to support the activities of the group's subsidiaries.
This offering contributed to the entry of foreign investments into the Egyptian market, in addition to the local investments that were subscribed to it.
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.
EGX said in a statement, Monday, that the public offering numbered 25.77 million shares, representing 6.17 percent of the total shares offered for sale, which represented 1.61 percent of the company's total issued shares.
It explained that the initial public offering (IPO) period started from Sunday, October 10, until Sunday, October 17.
E-Finance has asked the FRA to increase the total sale of shares due to increased demand.
As for the standalone results, the company turned into loss during the first six months of 2021, recording losses of LE 17.88 million, compared to LE 146.6 million in profits during the comparable period from 2020.
The EGX indicated that the volume of the public offering tranche is 25.77 million shares, representing 10 percent of the total shares offered for sale, which represents 1.61 percent of the total shares of the issuing company.
The company stated, in a statement, Thursday that it will offer 80 million shares of the current shares in a secondary offering on the EGX and implement the public offering in the primary market for 177.77 million ordinary shares as a capital increase.