IPOs and EGX Listings
he Financial Regulatory Authority (FRA) has authorized two mandatory tender offers (MTOs), allowing Wafa Assurance and Raya Holding to move forward with their acquisition proposals
Prime Minister Mostafa Madbouly met Tuesday with newly appointed Egyptian Exchange (EGX) Chairperson Islam Azzam, marking Azzam’s first day in office
Under the current regulations, these major shareholders are required to freeze 51 percent of their shares for a minimum of two years from the first trading day, during which they cannot sell any of their holdings
This move is aligned with Egypt's State Ownership Policy Document, which aims to strengthen the private sector and drive economic reforms.
Additionally, the exchange will debut another index combining sustainability and Sharia compliance in the first half of the year.
United Bank, with a paid-up capital of EGP 5.5 billion, is divided into 1.1 billion shares, each with a nominal value of EGP 5
El Said, speaking at the Joint annual meeting of the Arab financial institutions in Cairo, mentioned that the government is presently engaged in evaluating offers and intends to make a selection soon
The IPO will involve offering a stake ranging from 30% to 35% of the IT arm's shares
Upon the successful closure of this acquisition, Raya Holding's ownership in Ostool will increase to 90 percent, as disclosed by the company on the Egyptian Exchange (EGX)
The acquisition, which will see B Investments purchase up to 90% of OFH, was announced back in June
During the session, fruitful discussions were held regarding the organization of specialized banking forums in Egypt, Tunisia, and Qatar.
Egypt sold a 10 percent stake in the company via the Egyptian Exchange (EGX), reducing the finance ministry’s stake to 70 percent
The IPO program, which now totals to 35 companies, is one of state strategies to overcome the shortage of foreign currency by attracting more investors.
