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Egypt’s e-finance to determine IPO date late December

Egypt’s e-finance to determine IPO date late December
The National Investment Bank (NIB) owns a 69% stake in e-finance

By: Islam Fadl

Cairo – Mubasher: Egypt’s e-finance will decide on the date of floating its shares on the Egyptian Exchange (EGX) by the end of December, the company’s chairman Ibrahim Sarhan told Mubasher.

The state-run financial technology company is expected to finalise the required procedures to launch its initial public offering (IPO) during the first half of 2020, Sarhan added.

The Higher Committee for Share Offerings and investment banks managing the IPO will determine the size and timing of the capital increase which will take place during the course of the IPO.

The National Investment Bank (NIB) owns a 69% stake in e-finance, while the National Bank of Egypt (NBE), Banque Misr, Egyptian Banks Company, and Egyptian Company for Investment projects each hold a 9% stake in the fintech firm.