During a press conference, Madbouly confirmed that Wataniya and Safi will be listed on the stock market by mid-next year. Additionally, shares of state-owned Alexandria Bank and Banque du Caire will also be included in the upcoming offerings.
The Governor highlighted the broader vision behind the listing, emphasizing its potential to support the bank's growth and reinforce Egypt’s capital markets. He added that a vibrant stock market is crucial for driving private sector investment and fostering economic development.
This announcement comes as part of the Egyptian government’s plan to offer stakes in more 32 state-owned companies. The plan includes state-owned companies and targets raising $6.5 billion by the end of 2024.
United Bank, with a paid-up capital of EGP 5.5 billion, is divided into 1.1 billion shares, each with a nominal value of EGP 5
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 IPO consists of two parts: a private offering of 313.5 million shares and a public offering of 16.5 million shares
These initiatives align with the government’s objectives to attract investments, enhance economic growth, and strengthen foreign currency reserves.
The IPO could raise between LE 4.2 billion and LE 5.1 billion, with the final price to be determined through a book-building process.
El-Kady revealed that the bank will be meeting with potential investors in the Gulf, Europe, and the USA to offer its shares, sharing that the bank could sell a maximum stake of 49 percent
However, UNCTAD predicts a positive outlook for 2024, with expectations of increased investments. This growth is anticipated to be fueled by the Ras El Hekma deal and Egypt's Initial Public Offering (IPO) program.
Details of the IPO will be disclosed once the final listing on the EGX is completed in Q2 2024, the release explained
Egypt’s Prime Minister Mostafa Madbouli said the government keeps on implementing the Initial Public Offering (IPO) program, which aims to empower the private sector and increase its contribution to different economic activities.
Al-Kharafi stressed the keenness and seriousness in searching for available investment opportunities in Egypt, as he offered to enter into some of the opportunities available within the Egyptian initial public offering (IPO) program
Egypt aims to enhance private sector participation in public investments to reach 65 percent in the coming years
EPP is one of the 35 state-owned companies that is part of Egypt’s initial public offering (IPO) program
During his statement, Minister Maait emphasized the importance of bolstering multilateral cooperation to address the financing challenges faced by emerging economies due to geopolitical tensions worldwide
The new companies are reportedly affiliated with various entities, including the National Investment Bank, the Ministry of Finance, the Central Bank, the Ministry of Public Business Sector, and the Ministry of Transport
In further collaboration with the Egyptian government, the International Finance Corporation (IFC) is conducting preliminary studies for the potential inclusion of 50 additional state-owned companies, Madbouly added.
Pimenta stated that the IFC is currently collaborating with Egypt to prepare companies for the second phase of the Initial Public Offering (IPO) program
The IPO will involve offering a stake ranging from 30% to 35% of the IT arm's shares
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