September 7, 2021

e-finance likely to float stake on EGX in October

ArabFinance: e-finance is likely to offer a stake on the Egyptian Exchange (EGX) in October 2021, government sources told Al Borsa Newspper.

This comes within the framework of the government’s directives to continue the initial public offerings (IPOs) programme, the sources noted.

The initial negotiations with the investment banks managing the offering head towards this time amid investors’ appetite for subscribing to financial services companies, after referring back to the government’s IPOs Committee, the sources highlighted.

The committee will hold a meeting this month to review the overall valuation of e-finance and the percentage of the share to be offered, they said.

The proposed share to be offered on the EGX hovers around 10% of e-finance’s capital, they pointed out, adding that a shareholder could partially exit from the company.

Moreover, a number of state-run banks have shown interest in acquiring shares of the company’s capital increase on the EGX, which is expected to take place over the coming period, the sources said.

e-finance is a pioneer national developer of digital payments infrastructure and is a driving force behind Egypt’s growing digital economy. Established in 2005 to build, operate and manage the Egyptian Government’s financial payments hub.

The company offers a comprehensive full-fledge suite of Card center personalization capabilities that leverage the cards issuing, processing & settlements with over 40 million issued cards to date.

Categories : finance & economy

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