United Bank To Launch Private Placement On EGX

11/23/2024 3:23:08 AM

(MENAFN- Daily News Egypt) Egypt's United bank has announced the opening of the private placement market for registering buy and sell orders on its shares on the Egyptian Exchange (EGX) starting tomorrow, Wednesday, until 25 November.

According to a statement from the bank, the public offering will commence on 27 November and run until 3 December.

The financial Regulatory Authority (FRA) has approved the prospectus for the public and private offerings of United Bank shares on the EGX. This offering, which may increase, consists of 330 million shares, representing 30% of the bank's capital. The shares are priced with a maximum cap of EGP 15.60 per share, divided into two tranches: private and public.

The first tranche, allocated for the private placement, includes 313.5 million shares, representing 95% of the shares offered for sale, and equating to 28.5% of the bank's total issued shares.

The second tranche, designated for the public offering, consists of 16.5 million shares, representing 5% of the shares offered for sale and 1.5% of United Bank's total issued shares.

CI Capital's Investment Bank will act as the offering manager, with Commercial International Brokerage Company serving as the offering broker. Baker Tilly will provide financial advisory services, while Baker McKenzie (Helmy, Hamza & Partners) will handle legal counsel. El Motadamon for Accounting and Auditing will serve as the external auditor.

The Listing Committee of the EGX, in its session held on 23 October 2024, approved the temporary listing of United Bank shares with an issued and paid-up capital of EGP 5.5 billion. This capital is distributed across 1.1 billion shares with a nominal EGP 5 per share, represented in seven issues listed in the Egyptian Securities Schedule.

MENAFN23112024000153011029ID1108917063

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.