Arab Finance: Company announced today CI Capital (CICH.CA)a leading diversified financial services group, announced the completion of the listing process United Bank S.A.E. on the Egyptian Stock Exchange, in which he played the role of the selling shareholder, according to the statement sent on December 10.
A large number of leaders of the Egyptian banking sector participated in ringing the opening bell of the trading session, led by the Governor of the Central Bank of Egypt, the Chairman of the Financial Regulatory Authority, the Chairman of the Egyptian Stock Exchange, the Chairman of the Board of Directors of the United Bank, the CEO and Managing Director, and a group of gentlemen officials and industry leaders. decision.
CI Capital acted as the global coordinator and sole manager of the offering, with the value of the deal amounting to 4,571 million Egyptian pounds. The United Bank is one of the fast-growing Egyptian banks, providing a range of traditional banking services compatible with the provisions of Islamic Sharia.
The United Bank offered 30% of its shares, 330,000,000 shares, at a price of 13.85 Egyptian pounds per share, which reflects a market value of about 15,235 million Egyptian pounds at the time of the opening of the trading session on the bank’s shares.
The offering included 313,500,000 shares allocated to qualified investment institutions inside and outside Egypt (“the private offering”), in addition to 16,500,000 shares allocated to individual investors in Egypt (“the public offering”).
The private offering witnessed high demand, as the private offering, which closed for subscription on November 25, was covered about 6 times, while the public offering, which closed for subscription on December 3, was covered about 59 times. It is exceptional coverage.
The bank's total private and public offering applications exceeded approximately 2.85 billion shares compared to the offering size of 330 million shares, meaning a total coverage of more than 8.6 times.
This offering represents the first listing of a bank on the Egyptian Stock Exchange since 1996, which reflects the confidence of international, regional and local investors in the Egyptian market, while CI Capital continues to strengthen its leading position in the Egyptian market in the field of financial consulting.
The bank's shares began trading on the Egyptian Stock Exchange on Tuesday, December 10, 2024, at 10:00 AM Cairo time, under the symbol UBEE.CA.
The United Bank is one of the leading banks that has a strategic position among Egyptian banks, and the bank has won many awards of appreciation. The bank is unique in offering a comprehensive range of traditional products that are compatible with the provisions of Islamic Sharia, targeting all types of customers in various sectors, through an effective business model with its full commitment to benefiting from the latest advanced technologies in its services and products.
The bank provides its customers with a diverse range of Islamic products through all its existing branches and digital distribution networks, as it is among only 14 banks licensed to practice Islamic banking in Egypt.
The United Bank IPO deal reflects CI Capital's strategy to strengthen its position and leadership as the most prominent companies operating in the field of financial consulting in the Egyptian market, which confirms its ability to manage and implement advisory operations and provide exceptional financial solutions to its client base.
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