Arab Finance: With the closing of the subscription period for the public offering tranche of United Bank (UBEE)which was covered approximately 59 times, and the bank allocated 16.5 million shares for the public offering tranche, equivalent to 5% of the shares offered.
The Financial Supervision Authority had approved the prospectus for the offering – public and private – of United Bank shares and decided to register capital shares with the authority, according to statement Previous Egyptian Stock Exchange.
About 330 million shares will be offered, representing 30% of the bank’s shares, amounting to a total of 1.1 billion shares, with a minimum price range of 12.7 pounds and a maximum of 15.6 pounds per share, with the final price being determined according to the results of the private offering and using the price construction mechanism.
– The first slide :– A private offering to natural or legal persons who are investors qualified for the private offering to sell a maximum number of shares of 313.5 million shares to financial institutions, individuals and entities with experience and financial solvency, representing 95% of the total shares offered for sale, which represents 28.5% of the bank’s shares.
– Second slide: – A public offering to the public to natural or legal persons not specified in advance to sell a maximum number of shares of 16.5 million shares, representing 5% of the total shares offered for sale, which represent 1.5% of the bank’s shares.
This is with the possibility of increasing the number of shares offered for sale in the private and public offering based on the size of the coverage, to a maximum of 208,996,920 shares, representing 18.99% of the bank’s total shares, after the approval of the Financial Supervision Authority.
The United Bank was established as an Egyptian joint stock company in June 2006, after merging the International Islamic Bank for Investment and Development – the United Bank of Egypt – the Nile Bank.
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