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CI Capital to float 43.6% stake on EGX

CI Capital to float 43.6% stake on EGX
CI Capital’s capital stands at EGP 246.9 million now.

Cairo – Mubasher: CI Capital plans to sell its shares on the Egyptian Exchange (EGX) in an initial public offering (IPO) in the second quarter of 2018.

The investment bank is seeking to list a 43.6% stake of its capital, equaling 246.9 million shares, on the EGX, according to the company’s statement on Thursday.

The IPO will consist of an international offering to global and local institutional investors in Egypt and other countries and a retail offering to retail investors in the North African nation, the statement highlighted.

The offering is expected to comprise of a secondary sale of shares by the CI Capital’s current shareholders, who will use a portion of the proceeds to subscribe for a capital increase of up to EGP 1 billion in the newly issued shares, the Egypt-based firm said.

The Egyptian financial services pioneer firm’s capital stands at EGP 246.9 million now.

The leading diversified financial services group is currently in the process of obtaining the regulators’ approvals for the offering, the statement added.

Jefferies International Limited and CI Capital Investment Banking are acting as Joint global coordinators and bookrunners on the IPO, while HC Brokerage and Pharos Securities Brokerage are acting as placements agents, the statement showed.

The rest of “proceeds from the offering will be invested in our ambitious expansion strategy, to further scale up our existing lines of business, strengthen our capital structure, and consolidate our presence in the non-banking financial services space,” CI Capital CEO Mahmoud Atalla said.

Consolidated revenues of the Egypt-based firm amounted to EGP 1.85 billion during the full-year 2017, while the consolidated net income after minority interest, hit EGP EGP 251 million, the statement said.