The Egyptian Financial Supervisory Authority (EFSA) has initially approved a request from Union National Bank- Egypt to invite shareholders to subscribe to the 4.7 million remaining secondary shares at EGP 5.6 par value each.
The bank had announced earlier its rights issue was covered by 96%, after 109.1 million shares were subscribed to in phase one.
The securities listing committee of the Egyptian Exchange (EGX) had set Tuesday, July 15, 2014, as the start of the bank’s EGP 637 million rights issue.
The listing committee decided to list the subscription right on NOPL market at an opening price on first day at EGP 0.07/right.
The bank is capitalized at EGP 637 million, divided into 113.750 million shares at EGP 5.6 par value each.
FY13 profit had netted EGP 34.86 million, compared with EGP 32.713 million in FY12.