Foreigners acquire 75-80% of the Macro Group private offering

CAIRO - 10 February 2022: Foreign institutions from outside Egypt had acquired about 75-80% of the private placement of the Macro Group for Pharmaceuticals (Macro Capital), according to co-head of the promotion and underwriting sector at EFG-Hermes, Mostafa Gad, said.

 

Gad said in statements on the sidelines of a press conference, Thursday, that the institutions vary between the Gulf countries and South Africa.

 

Macro Group for Pharmaceuticals Company’s  (Macro Capital) public and private offerings on the Egyptian exchange (EGX) were implemented with a total value of LE 1.28 billion.

 

The EGX indicated in a statement, Tuesday, that the offering was implemented through 264.51 million shares, or 45.8 percent of the company's shares, at a price of LE 4.85 per share in two tranches (public and private).

 

The statement indicated that the first tranche (public offering) has been implemented with 13.225 million shares, representing 5 percent of the total shares offered for sale, which represents 2.3 percent of the company's total issued shares.

 

The second tranche (private offering) was completed with 251.287 million shares, representing 95 percent of the number of shares offered for sale, which represents 43.5 percent of the company's total issued shares.

 

On Monday, the EGX announced that the public offering of the Macro Group for Pharmaceuticals Company (Macro Capital) was oversubscribed 102 times, at the end of the period specified for registering buy and sell orders for it on Monday.

 

 

The EGX indicated in a statement that the total quantities of purchase orders (initial quantity) registered in the private deals market amounted to 1.35 billion shares.

 

 

As for the private offering of Macro Capital, it was oversubscribed by 1.79 times at a price of LE 4.85 per share.

 

The company targeted to offer up to 45.8 percent of the company's shares, which represents 264.513 million shares, on the Egyptian Stock Exchange, 95 percent of which (251.287 million shares) are for private placement, and the remaining 5 percent through a public offering.

 

 

The company hoped that the total value of the public and private offerings would reach LE 1.3 billion.

 

 

Hermes acted as the sole global coordinator for the offering, while Renaissance Capital co-managed the offering.

 

 

It began receiving requests to participate in the private and public offerings of "Macro Capital" since January 24, and by the end of the private offering on Wednesday, the public offering of the company's shares is expected to end with the end of the trading session next Monday on the EGX, to start trading on the shares in the market during the same week.