The public offering of approximately 16.5 million shares of United Bank begins today, Wednesday, on the Egyptian Stock Exchange (EGX), with shares priced at EGP 13.85 each. The offering will run until December 3.
CI Capital, a leading securities brokerage and investment company, is acting as the offering manager, while Commercial International Brokerage (CIB) serves as the broker.
The financial advisory role is being handled by Baker Tilly, and the legal counsel for the offering is provided by the law firm of Baker McKenzie, “Helmy, Hamza & Partners.” Additionally, the auditing services are being carried out by Al-Mutadamon Auditing.
United Bank also announced that its private placement of approximately 313.5 million shares was oversubscribed by six times. The coverage came from financial institutions, government entities, and individual investors with expertise in securities markets.
The final offer price for the shares was set at EGP 13.85 per share, according to financial data released by the bank.
Trading on the United Bank shares is expected to begin immediately after the conclusion of the public offering subscription period.
Ashraf El-Qady, CEO of United Bank, expressed that the six-time oversubscription of the private placement reflects the bank’s strong reputation and the efforts of its team towards innovation and excellence.
