Oct 29, 2024

The bank explained that the offering process includes a private offering for some institutions in Egypt, and another for individual investors, noting that the two offerings will be at the same share price Hossam Mounir, Daily News Egypt October 29, 2024 Egypt - According to a statement issued by the bank on Monday, CI Capital has been appointed to promote and cover subscriptions in securities as the offering manager, while Helmy, Hamza and Partners – Baker & McKenzie as the legal advisors for the offering. The bank explained that the offering process includes a private offering for some institutions in Egypt, and another for individual investors, noting that the two offerings will be at the same share price. Last Wednesday, the Egyptian Exchange’s Securities Listing Committee approved the temporary listing of the bank’s shares on the Egyptian securities listing schedule, with an issued and paid-up capital of EGP 5.5bn, distributed over 1.1 billion shares, with a nominal value of EGP 5 per share, represented in seven issuances. According to a statement by EGX, the bank’s shares were listed on the stock exchange database in the “Banks” activity sector as of 24 October 2024. The stock exchange confirmed that the temporary listing is considered null and void if the bank does not implement the offering of its shares and fulfill the listing conditions and requirements within six months from the date of listing. This interval may be extended with the approval of the Authority in cases it deems appropriate based on the justifications and timeline provided by the bank. Commenting on the upcoming offering, Ashraf El-Kady, the bank’s Managing Director and CEO, said: “Since its establishment, the bank’s business model has been in line with the strategic framework that aims to provide high-quality and distinguished services to customers and operate according to effective and accurate governance and internal control frameworks. It has also sought to maximize sustainable value for shareholders and adopt a business model that achieves sustainable growth.” “The United Bank currently has an excellent position that qualifies it to achieve its goals, benefiting from its strong financial position. There are also a comprehensive range of traditional and Sharia-compliant banking products and services. Furthermore, the bank is distinguished by an advanced technological and digital infrastructure, led by a professional management team with extensive experience in the local and international banking sector, supported by a distinguished group of ambitious young people,” he added. He also expressed his enthusiasm about the next stage and EGX listing. The latest indicators of the bank’s business results revealed a net profit of EGP 1.2bn in H1 2024, and net income from returns recorded about EGP 2.22bn. The bank’s assets increased from EGP 72bn at the end of 2021 to EGP 106.5bn by the end of June 2024, and the bank’s loan portfolio achieved a compound annual growth rate of 20% during the period between 2021 and the first half of 2024 to EGP 29.3bn. Customer deposits increased to EGP 54.7bn. In the first half of 2024, the bank’s shareholders’ equity amounted to EGP 12.7bn. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Syndigate.info ). Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here . © ZAWYA 2024 ZAWYA NEWSLETTERS Get insights and exclusive content from the world of business and finance that you can trust, delivered to your inbox. Subscribe to our newsletters: