Statement: Furi's bid has been covered 15.9 times on the Egyptian stock exchange.

From Ihab Farouk

CAIRO: The largest Egyptian electronic payment company, Furey, has been hedged 15.9 times at 6.46 British Pounds (0.36 Pounds Sterling), said Thursday EFG-Hermes, the largest investment bank in the Middle East, in a statement. On the one hand.

EFG-Hermes, in charge of the offer, the promotion of the operation and the guarantee of coverage and coordination, said that the total volume of subscription requests was 7.1 billion pounds.

The company will immediately raise 36% of its shares on the Egyptian stock market up to 1.6 billion pounds, of which about 21% will be offered to Actis, Bank Misr and National Bank of Egypt to 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%.

Private placements began Friday, while the IPO of Egyptian individuals began Sunday and will end on August 5th.

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 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 = 16.52 Egyptian pounds)

(Reuters)