Cairo – September 24, 2024: Speaking to regional media, CEO of United Bank Ashraf El-Kady shared that the bank will be touring the globe in the next two months to promote its upcoming initial public offering (IPO) on the Egyptian Exchange (EGX).
El-Kady revealed that the bank will be meeting with potential investors in the Gulf, Europe, and the USA to offer its shares, sharing that the bank could sell a maximum stake of 49 percent.
Earlier this week, the Central Bank of Egypt (CBE) – which owns 99 percent of United Bank – announced that it would be offering a stake in the bank’s shares prior to its IPO during Q1 2025.
The CBE has previously attempted to sell United Bank a few times, however was unsuccessful at closing a deal with any of the investors who examined the bank.
In its announcement, the CBE shared that it was currently seeking the required approvals for this offering, including those from the Financial Regulatory Authority (FRA) and the EGX.
CI Capital will manage the IPO and Baker McKenzie will act as legal advisor, according to El-Kady.
Egypt aims to attract between $2-2.5 billion from its IPO program, offloading several stakes in state-owned companies throughout FY2024/2025, according to Finance Minister Ahmed Kouchouk last month.
Egypt’s IPO program includes 32 state-owned enterprises across a wide range of sectors, aiming to inject additional foreign currency into the country.
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