(3 Minutes Read)
Egypt has launched the sale of a stake worth up to USD 110 million in United Bank, marking the country’s first initial public offering (IPO) in three years as it advances its privatisation agenda backed by the International Monetary Fund (IMF).
United Bank, largely owned by Egypt’s central bank, is offering 330 million shares, equating to a 30% stake, at a maximum price of 16.5 Egyptian pounds per share, as stated in a stock exchange filing. The offering is divided into two phases: The private placement, comprising 313.5 million shares, will take place from Wednesday until November 25. The remaining 5% will be available to the public from November 27 to December 3.
This offering is part of a broader government plan announced last year to privatize 32 state-owned assets across sectors like banking, energy, and real estate. Progress on the plan has been slow, with no significant sales completed since Egypt devalued its currency in March, part of a USD 57 billion global bailout led by the United Arab Emirates and the IMF.
Read Also:
https://trendsnafrica.com/egypts-united-bank-to-issue-global-ipo/
As of June, United Bank held assets valued at 106 billion Egyptian pounds (USD 2.18 billion). The listing is expected to draw significant investor interest, strengthening the bank’s capital base amid intense competition within the sector.
