October 4, 2021

Government’s e-invoice, Nafeza systems enhance e-finance growth opportunities


e-finance is key beneficiary of tax evasion controls, higher tax revenues

Egypt’s state-run digital payments and fintech company e-finance has defined its IPO indicative price range at EGP 12.50 – EGP 13.98 per share. The final price announcement will be determined in accordance with a book-building process and is expected to occur around 9 October.

Sources expect that subscription for the Egyptian Retail Offering will run from 6 to 13 October. Trading on the Egyptian Exchange (EGX) is expected to begin on or around 18 October. The company is offering 257.78 million shares on EGX, out of which 80 million shares are secondary shares and 177.78 million primary shares.

The indicative price range implies a pre-money valuation range of EGP 20.0bn – EGP 22.4bn and a midpoint of EGP 21.2bn, excluding the capital increase proceeds and new shares.

The sources indicated that the company has strong growth opportunities during the coming period.

The Ministry of Finance noted that around 3,000 companies have already joined the e-invoice platform, which increased the government tax revenues by EGP 3.5bn according to the latest data. The Ministry of Interior noted that the total amounts due from the tax evasion cases reached EGP 23.54bn in September.

Actually, e-finance is a key beneficiary of tax evasion controls and higher tax revenues of the government that would gradually lead to an increase in the total throughput processed.

The Egyptian Customs Authority’s new one-stop Advance Cargo Information (ACI) platform graduated from a pilot into first-phase implementation on 1 October. Anyone who has not signed up for the national single window for foreign trade facilitation (“Nafeza”) system can no longer release imported goods at seaports.

dailynewsegypt


Categories : government

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