CAIRO - 27 November 2024: The public offering of approximately 16.5 million shares of the United Bank begins today, Wednesday, at a price of LE 13.85 per share. The subscription period will run until December 3.
CI Capital is acting as the lead manager for the share offering, with Commercial International Brokerage as the broker, and Baker Tilly serving as the financial advisor. Legal advisory services are provided by the law firm Baker McKenzie “Helmy, Hamza & Partners,” while Al-Mutadamon Auditing is responsible for the auditing process.
On October 23, the Securities Listing Committee approved the temporary listing of the United Bank shares with a capital of LE 5.5 billion, divided into 1.1 billion shares with a nominal value of LE 5 each. The shares will be included in the Egyptian Stock Exchange’s securities list according to the listing and delisting rules.
Trading on the United Bank shares is expected to commence after the public subscription period ends.
The United Bank announced that its private placement of approximately 313.5 million shares was oversubscribed by six times. The coverage was driven by a mix of financial institutions, investment firms, and individual investors with expertise in securities.
According to the bank’s financial data, the final offering price was set at EGP 13.85 per share.
Trading on United Bank’s shares is expected to commence once the public offering subscription period concludes.
Ashraf El-Qady, CEO of United Bank, stated that the six-time oversubscription of the private placement is a testament to the bank’s strong market position and the dedication of its team to innovation and excellence.
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