[ad_1]
From Ihab Farouk
CAIRO – Egypt's largest electronic payment company, Furi, has been hedged 30.3 times at 6.46 British Pounds ($ 0.39) per share, according to data released Monday by the Egyptian Stock Exchange.
EFG-Hermes, senior manager and promoter of the deal, announced last week that the private placement had been oversubscribed 15.9 times after the initial value of the IPO valued at 7.1 billion Egyptian pounds.
Furi has placed 36% of its shares on the Egyptian stock exchange to raise up to 1.6 billion pounds, of which about 21% will be offered to Actis, Banque Misr and National Bank of Egypt at 7% each.
The remaining 15% is divided into a public offering of small investors of around 5%, and financial institutions and large investors of around 10%.
"An immediate offer, private or public, has been launched because the sector itself is new to the market and is experiencing above average growth," said Radwa Al Suweifi, head of research at Pharos Investment Bank.
"The investor's point of view this time around was long-term and not short-term."
Furi, which currently belongs to five local, foreign and Arab funds, was established in 2009 and is also active in the banking technology sector and provides financial services to individuals and businesses. Management and employees account for approximately 8% of the company's shares.
"The company is good and has opportunities for growth and expansion that will have a positive impact on its expected revenues, so we have seen significant coverage of today's public offering. And last week, "said Mona Mustafa, general manager of Arabiya Online.
The capital of the company is 353,652 billion Egyptian pounds distributed on 707,304 million shares with a par value of 0.50 LE per share.
The latest public offering from a private company to ESA was the launch of Tharwa Capital, a specialist in financing solutions, last October.
Furi plans to start trading its shares on the Egyptian Stock Exchange on August 8, 2019, after receiving the approval of the stock exchange, the last trading day on the stock exchange, before a long leave on the occasion of the Eid al-Adha.
(USD = 16.54 Egyptian pounds)
(Prepared by Moataz Mohammed for the Arabic version)
Fusion Media or anyone involved in Fusion Media will not accept any liability for loss or damage arising from the use of the information, including data, quotes, graphics and buy / sell signals contained in this site Web. Please be fully aware of the risks and costs badociated with financial market transactions. This is one of the most risky forms of investing possible.
[ad_2]
Source link
