Egyptian Exchange Posted
The Egyptian Exchange (EGX) celebrated today the company number 241 to join its main board, E-finance For Digital and Financial Investments, a leading company in the development, management and operation of technological networks for digital transactions. The company is to be traded under the ISIN code EFIH.CA. A ringing of bell ceremony was held in celebration of this event in the presence of Dr. Mohamed Farid Saleh, Executive Chairman of EGX, E-finance For Digital and Financial Investments top management, and the marketing and offering team.
The offering & listing of E-finance For Digital and Financial Investments is considered to be the biggest with a value of EGP 5.8 billion, exceeding the value of Egypt Telecom in 2005 of EGP 5.1 billion.
Public and private offering covered 417.77 million shares representing 26.10% of the total company’s shares with a price of EGP 13.98/share and with a total value of EGP 5.84 billion.
The IPO resulted in 25.77 million shares representing 6.17% of the total shares offered, and represents 1.61% of the total shares of the issuing company while the private placement allocated 392 million Shares representing 93.83% of the number of shares offered, and 24.5% of the total shares of the issuing company. This brings eFinance’s market capitalization to EGP 22.4 billion before trading on the company’s shares.
Dr. Mustafa Madboli, Egyptian Prime Minister, praised the success of E-finance For Digital and Financial Investments’s offering at EGX stating that it is “the largest in the history of EGX”. He added that this offering is attracting foreign investments to the Egyptian market, reflecting the confidence of local and foreign investors in the Egyptian economy.
Dr. Hala Al Said, Minister of Planning and Economic Development, said investors have covered eFinance Investment Group offering, including large foreign investors, some of which are investing in Egypt for the first time, noting that the offering being covered 61 times reflects this.
Dr. Mohammed Farid, Executive Chairman of EGX, said that listing and trading of eFinance today is an important step that will encourage other government and private companies to offer and trade to take advantage of EGX’s platform for financing and achieving objectives and business plans of these companies. He stressed that IPOs contribute to businesses development and economic growth.
Dr. Ibrahim Sarhan, Chairman of eFinance, expressed his pride in completing the offering process and starting a new phase of eFinance’s growth as a listed company on the Egyptian Exchange. Sarhan said that the strong demand reflects the investment community’s confidence in the local and international arenas in the integrity of the company’s business model and its ability to employ promising growth opportunities, by adopting and implementing an integrated strategic vision and implementing the targeted growth plans. He added that eFinance seeks to achieve greater synergy and integration between its subsidiaries and enhance its direct presence in all corners of the digital payment system in Egypt.