E-finance to offer 14.5% of its capital on EGX

CAIRO – 30 September 2021: E-Finance Investment Group, announced the offering of 14.5 percent of its shares on the Egyptian Stock Exchange (EGX) during the first half of next October.

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, which is equivalent to a total of 14.5 percent of the company’s capital.

It explained that the expected offering will be implemented through two tranches, one of which is a private placement for financial institutions from several markets, including the Egyptian market (the “institutions tranche”) and the other is a public offering for individual investors in the Egyptian market (the “public offering tranche to the public”).

E-finance intends to use the proceeds of the initial public offering to finance the planned expansions as part of the company's growth strategy.

The company indicated that the price range for the offering process has been set to range between LE 12.50 and LE 13.98 per share, and the final price for the offering will be announced on October 9, 2021 according to the progress of the process of registering subscription applications, noting that the door for receiving subscription requests will be opened for the public offering tranche from October 6, 2021 until October 13, 2021, and trading on the company's shares will start by October 18, 2021.

The company obtained the necessary approvals to register its shares on the Egyptian Stock Exchange from the Egyptian Financial Supervisory Authority on September 23, 2021, noting that the completion of the expected offering process and the start of trading on the company’s shares are taking place in accordance with the requirements and requirements of the Egyptian Financial Supervisory Authority and the Egyptian Stock Exchange, and after the completion of the process of building a record of orders .