Egypt’s United Bank successfully completes share offering, raising EGP 4.57b – EGX

State-owned United Bank of Egypt has successfully concluded its public and private share offering, raising 4.57 billion Egyptian pounds ($91.731 million), as per a statement by the Egyptian Exchange (EGX) on Wednesday.

The offering comprised 330 million shares, representing 30 per cent of the bank’s issued capital.

The private offering, which accounted for 95 per cent of the total shares (313.5 million shares), was oversubscribed by institutional and strategic investors. It has raised 4.34 billion pounds, equating to 28.5 per cent of the bank’s total capital.

As for the public offering, which made up the remaining 5 per cent (16.5 million shares), was also well-received by retail investors. It generated 228.5 million pounds, or 1.5 per cent of the total capital.

The successful completion of this offering is a positive development for the Egyptian banking sector and highlights the strong investor interest in the country’s financial institutions.

Attribution: EGX