At that time, “e-finance” was put on the Egyptian stock exchange

The initial public offering of the operating technology of the Egyptian government-owned financial facility, e-finance, is expected to be implemented no later than late October or early November, according to board chairman Ibrahim Sarhan .

Earlier this month, the company announced plans to offer its shares on the Egyptian Stock Exchange in the last quarter of this year, making it the second public offering on the Egyptian Stock Exchange this year.

Sarhan said that e-Finance is currently promoting the offering and holding at least eight to nine daily online meetings with foreign investors from Europe, the United States, Asia and the Arab world, according to Enterprise. .

He also pointed out that the company intends to offer a 14.5% stake for 258 million shares, divided into 80 million shares that will be offered for sale by existing investors and 177.8 million shares as a capital increase. He explained that with the completion of the promotion stage, the percentage of the public and private offering will be determined, which will be followed by the announcement of the share price in the offering.

On Tuesday, e-finance filed a formal request to list its shares on the Egyptian Stock Exchange, and the documents are being reviewed for submission to the exchange’s listing committee.

Sarhan added that using the proceeds from the offering to fund the company’s expansion plans will be a priority, adding that the company looks forward to expanding its local investments through a technology company. and exploitation of the tax solutions “E-Tax”, which was launched in cooperation with the Ministry of Finance with investments amounting to 100 million pounds and the company “eHealth” for digital health services, which will provide technical solutions for the entire state health insurance system.

He pointed out that “e-finance” also seeks to invest in infrastructure and financial services companies with banks, adding that no decision has yet been taken to inject major investments into Africa.

e-finance has been seeking to go public since 2019. If successful, the listing will pave the way for a long-awaited set of similar offerings, including the launch of electronic payment company Ebtikar and cosmetics and nutritional supplement giant Macro Group. Egyptian Stock Exchange chairman Mohamed Farid expected five to six public offerings this year.

This will be the second offering on the Egyptian Stock Exchange this year, after Taaleem Management Services offered one share of its shares last April, in addition to the technical double listing of the shares of Integrated Diagnostics Holding Company listed on the Exchange. from London in May. , which saw the offer of 5% of its shares on the Egyptian stock exchange.