Al Tawfeek’s institutional offering 40.16x oversubscribed

CAIRO – 21 December 2017: Al Tawfeek Leasing Company’s (AT Lease) institutional offering is 40.16 times oversubscribed for 14.4 million shares at a total value of LE 95.04 million ($5.3 million), the company said in a statement on Wednesday.

“Offerings submitted to the company hit LE 3.8 billion from the Egyptian financial institutions, investment funds and individuals,” the statement noted, adding that the company has set the price for the offering at LE 6.6 per ordinary share.

The statement pointed out that the final price set for the 4.8 million shares’ public offering, 25 percent of the total offering, is LE 6.6 per share, adding that next Sunday will be the last day of subscription.

AT Lease earlier in December announced that it plans publicly offer 24 percent of the company (19.2 million shares) and has established a fair value of LE 6.93 per share.

AT Lease CEO Tarek Fahmy told Egypt Today in September that the company is also looking to offer EGP 500 million in funding for companies in the pharmaceutical, education, automotive and real estate sectors.