Egypt’s FRA approves United Bank’s IPO on EGX

The Egyptian Financial Supervisory Authority (FRA) has approved the listing of The United Bank on the Egyptian Exchange (EGX) effective Wednesday, November 20, 2024.

In a disclosure to the EGX on Monday, the bank announced that its initial public offering (IPO) will consist of a retail segment running from November 20 to 25, followed by an institutional offering from November 27 to December 3.

The bank aims to sell 30 per cent of its capital, representing 330 million shares currently held by the Central Bank of Egypt (CBE).

Attribution: EGX Disclosure

Subediting: M. S. Salama