By: Ahmed Allam

Cairo – Mubasher: Egypt's e-finance, majority owned by the state-owned National Investment Bank (NIB), plans to float a stake on the Egyptian Exchange (EGX) through a capital raise, the company’s chairman Ibrahim Sarhan told Mubasher.

The state-owned financial technology company plans to increase its capital by 10-15% as shareholders are not willing to sell their shares, Sarhan added.

A consortium, comprising Renaissance Capital and Pharos Holding, has been selected to manage the company’s initial public offering (IPO), while Zaki Hashem & Partners will serve as the legal advisor, he revealed.

The date of the IPO has not been determined yet.

It is noteworthy that Egypt’s minister of planning Hala El-Saeed previously noted that e-finance’s IPO will contribute to improving corporate governance and diversifying the company’s investments.

Translated by: Zeinab Adel