By: Hady El-Essawy

Cairo – Mubasher: The private offering of Act Financial’s shares has been oversubscribed by 20.20 times, informed sources told Mubasher.

The subscription process ended on Thursday after achieving the highest coverage rate on the Egyptian Exchange (EGX) in the last six years.

Earlier in July, Hany Hamdy, Managing Director at MubasherTrade Egypt, stated that Act Financial’s offering is considered the best subscription for individual shareholders amid the provided discount for the EGP 2.90 offering price compared to the independent financial advisor’s fair value (FV).

Act Financial’s offering is expected to collect over EGP 1 billion. The company intends to increase its capital by the IPO amount to reach EGP 3.24 billion, compared with EGP 2.20 billion.

Act Financial has floated 360 million shares, including 300 million shares allocated for the private offering during 9-18 July and 60 million shares for the public subscription during 9-23 July.