Cairo – October 29, 2024: The United Bank officially revealed its intention to list 30 percent of its capital, around 330 million shares owned by the Central Bank of Egypt (CBE), on the Egyptian Stock Exchange (EGX), as disclosed on Sunday.
The bank is currently working to obtain the required approvals from the Financial Regulatory Authority (FRA) and the Egyptian Exchange, which are essential for moving forward with the stock issuance.
The bank expects to issue the shares on the EGX by Q4 2024, contingent on prevailing market conditions and the finalization of approval procedures.
Managing the public offering will be CI Capital, a prominent brokerage firm, while legal counsel will be provided by Baker McKenzie, according to stock market disclosure.
According to reports from Al Borsa, CI Capital is looking to conduct a roadshow to promote the offering across several Gulf countries, including Saudi Arabia, the UAE, and Kuwait, aiming to attract investors for a private placement, which is expected to account for approximately 25 percent of the bank's total share capital. The remaining 5 percent will be designated for the public offering.
Ashraf Elkady, Managing Director of the United Bank, emphasized the bank's commitment to delivering high-quality services aligned with effective governance and internal controls.
In a recent disclosure to the EGX, he reiterated the bank's strategic framework, which is designed to enhance customer experience while maintaining robust operational standards.
Last Wednesday, the Securities Listing Committee of the EGX approved the temporary listing of the bank's shares on its securities schedule, reflecting an issued and paid-up capital of EGP 5.5 billion, divided into 1.1 billion shares with a nominal value of EGP 5 per share.
As of October 24, 2024, the bank's shares were officially listed in the “Banks” sector of the stock exchange database.
This public offering follows the CBE's announcement in September regarding plans to sell a portion of its shares in the United Bank on the EGX.
The United Bank is one of 32 state-owned entities earmarked for divestment under the government's IPO program.
Prime Minister Mostafa Madbouly previously stressed the government's commitment to strategic asset divestiture, highlighting the goal is to enhance state assets rather than merely sell them off.
He noted that while some offers for these assets have been received, they have not met the government’s criteria and were subsequently rejected.
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