Rameda floats 49% of its shares, hopes to raise LE 1.755B

CAIRO – 27 November 2019: Rameda Pharmaceutical Company announced Wednesday floating 49 percent of its shares on the Egyptian stock exchange (EGX), hoping to raise LE 1.755 billion. Trading is expected to start on Dec. 11

Rameda said that trading will be made in two tranches and will be priced at LE 4.66 per share.

The first tranche, representing a 5 percent stake, will be sold to small investors in a public offering, and the remainder will be sold in a private offering, according to Reuters.

On November 20, Chairman of the Egyptian Financial Regulatory Authority (FRA) Mohamed Omran said that the authority approved listing the shares of Rameda on EGX.

He clarified during a conference announcing the issuance of the first short-term securitization for the payment of Premium Card that the first tranche of the offering ranges between LE 2 billion and LE 2.5 billion. "According to the proposed schedule, the offering will be completed before the end of the year," he stated.

Rameda announced earlier its intention to offer a 35-45 percent stake in EGX by the end of last year through a capital increase and partial exits to shareholders.

The conference was attended by Founder and CEO of Premium International for Credit Services Paul Antaki, Co-Head of EFG Hermes' Investment Banking Division (IBD) Mostafa Gas, and CEO of Arab African International Bank Sherif Elwy.