Egypt’s e-Finance heading for Cairo IPO in September

Egypt’s financial institutions operation company e-Finance is set to list in the Cairo stock exchange in September, government sources with knowledge of the matter said on Tuesday.

e-Finance’s IPO is part of the second stage of the government’s plan to offer minority stakes in several state-owned companies, which will involve listing three or four companies between September and December, the sources told Amwal Al Ghad.

Pharos Holding and Renaissance Capital are managing e-Finance’s IPO; while law firm Zaki Hashem & Partners (ZH&P) acts as legal adviser.

e-Finance’s shareholders are the National Investment Bank (69 percent), the National Bank of Egypt (9 percent), Banque Misr (9 percent), while the remaining shares go to the Egyptian Banks Company (EBC) and Egyptian Company for Investment Projects (ECIP).

Initiated in 2016, the government programme intends to sell shares in 23 state-run companies operating in banking, petroleum, services, chemicals, shipping, maritime, and real estate sectors to boost public finances and draw more investors to the Cairo exchange.