CAIRO – 26 November 2024: The private placement for shares in the United Bank concluded successfully, with a total of 1.878 billion shares subscribed, representing a 5.99 times oversubscription. Major international and local institutions participated in the offering.
The private placement for the first tranche of the bank's shares, which was offered to qualified individual and institutional investors, took place between November 20th and 25th. A maximum of 313.5 million shares were offered, representing 95% of the total shares offered for sale and 28.5% of the bank's total shares.
The United Bank has set ambitious targets for its net profit, aiming to reach 3.071 billion LE by the end of 2025, 3.821 billion in 2026, 5.197 billion in 2027, and 6.681 billion in 2028.
The bank's prospectus reveals plans to achieve a profit before tax of 4.265 billion LE by the end of 2025, 5.307 billion in 2026, 7.218 billion in 2027, and 9.279 billion by the end of 2028.
The United Bank reported a net profit of 1.2 billion LE at the end of June 2024, compared to 691.08 million LE at the end of June 2023. The bank aims to grow its return on loans and similar assets to 13.556 billion LE in 2025, 15.235 billion in 2026, 16.578 billion in 2027, and 18.271 billion in 2028.
The United Bank’s IPO is Egypt’s first since 2021, signaling a revival of the country’s privatization efforts. This move aligns with the government’s strategy to reduce state involvement in the economy and attract foreign investment.
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