Arab Finance: Yesterday, Wednesday, the Securities Registration Committee of the Egyptian Stock Exchange approved the temporary listing of United Bank shares, according to a post on the Egyptian Stock Exchange screen.
The United Bank shares are scheduled to be listed on the stock exchange today, and it will have six months to fulfill the listing requirements and obtain regulatory approvals before its planned initial public offering before the end of the first quarter of 2025.
The United Bank, which is 99.9% owned by the Central Bank of Egypt, intends to temporarily list on the Egyptian Stock Exchange with an issued and paid-up capital of 5.5 billion pounds, distributed over 1.1 billion shares with a nominal value of 5 pounds per share.
While the bank did not disclose the size of the target share to be offered, it is expected that the Central Bank of Egypt will offer between 30-49% of the bank’s shares, and the bank’s shares will be traded under the symbol “UBEE.CA.”
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