E-Finance currently studying investing in one or more companies from different sectors

CAIRO – 25 October 2021: E-Finance for financial and digital investments issued Monday a clarification regarding the published news about the acquisition of one or more companies, and the company's entry into the fields of transportation, tourism and health insurance.

The company stated in a filing to the Egyptian Exchange (EGX), that 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.

It added that the group is open to studying the acquisition of other existing companies in the event that there are investment opportunities that create an added value for its shareholders and reflect positively on the value of the stock.

The company confirmed that investment opportunities are currently being studied in one or more companies from different sectors, and a disclosure will be made in accordance with the applicable rules and laws if there are any decisions related to this matter.

With regard to participation in tourism and transport activities, it explained that these activities were contracted some time ago, and are already being carried out by some affiliated companies.

On the level of health insurance, it indicated that it had launched a few days ago, in cooperation with the Comprehensive Health Insurance Authority in Egypt, iHealth, with a contribution of 35% (minus one share).

EGX announced the start of trading on the shares of e-finance for financial and digital investments on October 20, 2021, without being bound by the price limits or the temporary suspension mechanisms in force during that session only.

The total quantities of purchase orders (initial quantity) registered in the private deals market amounted to 1.58 billion shares.

The latest EGX data revealed that e-finance for financial and digital investments topped the list of the largest offerings on the Egyptian Stock Exchange, with a value of LE 5.8 billion, exceeding the LE 5.2 billion offering of Telecom Egypt's offering in 2005.

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.