EGX approves CI Capital’s listing, trading starts April 22

CAIRO – 17 April 2018: The Egyptian Exchange’s (EGX) listing committee approved the listing of CI Capital Holding’s shares, with issued capital of LE 411.45 million ($23.23 million) distributed over 411.45 million shares, with a nominal value of LE 1 per share.

The company’s capital will be issued in four issuances, worth LE 10 million, LE 40 million, LE 261.45 million and LE 100 million, respectively.

The trading on the company’s shares will start on Sunday, April 22.

On Monday, the listed companies sector of the EGX announced receiving a registration request of 411.5 million shares of CI Capital Holding Company for LE 1 per share.

CI Capital Holding announced in March its intention to issue 43.6 percent of the group’s share capital on the EGX, amounting to up to 246.9 million ordinary shares.

CI Capital clarified that the offering is expected to take place in the second quarter of 2018.

Initial public offerings (IPOs) of CI Capital consist of a secondary sale of shares by the group’s current shareholders (the selling shareholders).

The group clarified that current shareholders will use a portion of the proceeds to subscribe a capital increase up to LE 1 billion in newly-issued shares.

The offering will include an international offering to institutional investors in a number of countries, including Egypt, and a retail offering to retail investors in Egypt, according to the release.

The company noted that both the international offering and retail offering will be made at the same price per share, which shall be determined through a book-building process (the “Offer Price”).

The group seeks to use the capital increase resulting from the IPO to expand its existing businesses, including leasing, microfinance, asset management and margin lending, as well as to fund its expansion in new areas of non-banking financial services, in order to strengthen its balance sheet to support new activities, including merchant banking and for general corporate purposes.

The group chose Jefferies International Limited and CI Capital Investment Banking to act as joint global coordinators and bookrunners for the offering.

Norton Rose Fulbright is the international counsel to the group, White & Case LLP is the underwriters’ counsel, Matouk Bassiouny is the local counsel, and HC Brokerage and Pharos Securities Brokerage are acting as the placements agents.

In 2016, the Egyptian government launched an IPO program, under the supervision of the Ministry of Investment, to offer shares over three to five years in several state-owned companies in fields such as petroleum, services, chemicals and real estate. It will serve as a main tool to attract local and foreign capital flows to Egypt in order to help boost state finances.