Taaleem's public, private offering on EGX implemented at value of LE 2.05B

CAIRO – 5 April 2021: The Egyptian Exchange (EGX) announced Monday the implementation of the public and private offering of Taaleem Management Services Company, at a value of LE 2.05 billion.

EGX clarified in a statement that the offering has been implemented on about 357.82 million shares, representing 49 percent of the issued company’s shares at a price of LE 5.75 per share, with a total value of LE 2.057 billion.

Regarding the public offering, the statement indicated that the offering was executed on 17.891 million shares, representing 5 percent of the total shares offered for sale, which represents 2.45 percent of the total issued company shares.

While the private offering was implemented on 339.931 million shares, representing 95 percent of the number of shares offered for sale, which represents 46.55 percent of the total issued company shares.

On April 1, the private offering of Taaleem Management Services Company, amounting to 525.616 million shares, was covered 29.38 times, at a price of LE 5.75 per share.

The EGX stated in a statement, that the buy and sell orders for the issued company’s shares expired today.

CI Capital's actual stake in Taaleem is about 16.5 percent.

The Committee for the Registration of Securities at the EGX had agreed to list the shares of the Taaleem Management Services with a source capital of LE 730.250 million, divided into 730.250 million shares, with a nominal value of one share, represented in two issues in the listing of Egyptian securities (shares).

Moreover, it decided to list the company's shares on the stock exchange database as of tomorrow, Wednesday, March 24, as follows (p. 1 - p. 2) 730,250,000 shares x LE 1 = LE 730,250,000.

Financial Supervisory Authority approved the prospectus for Taaleem Management Services, with the aim of selling a maximum of 357.822 million shares, up to 49 percent of the company's capital shares, by offering in the secondary market owned by one of the company's shareholders, at a maximum price of 6.2 pounds per share.

According to the prospectus, the shares will be offered in two tranches, the first of which is a public offering to natural persons to sell a maximum of 17.89 million shares, 5 percent of the number of shares offered for sale.

The second tranche is a private placement for financial institutions, individuals and entities with expertise in the field of securities and solvency to sell a maximum of 339.93 million shares, representing 95 percent of the number of shares offered for sale.

The prospectus indicated that a qualified investor expressed his desire to purchase shares of the private offering segment, worth $ 30 million, of the total shares of Taaleem through the private placement segment, and an agreement was signed between the investor, the director of the offering, the company and the main selling shareholder in the offering.

The agreement is considered canceled if the offering is not completed before March 31, or if substantial economic changes that affect the company's financial position, occur and it may be renewed until the offering is executed.