United Bank soars on EGX debut after stake sale

Egypt’s United Bank shares surged on their EGX debut after the government sold a 30 per cent stake, raising nearly 4.6 billion Egyptian pounds (90.5 million dollars).

Shares rose as much as 10 per cent to 15.23 Egyptian pounds before trimming gains to close 6.5 per cent higher by mid-morning. The offering, comprising private and public sales, was heavily oversubscribed, with shares priced at 13.85 Egyptian pounds each.

United Bank’s market debut came as the Egyptian pound hit a new record low against the dollar, highlighting authorities’ shift towards a flexible exchange rate. Prime Minister Mostafa Madbouly signalled additional IPOs.

Attribution: Bloomberg

Subediting: M. S. Salama