United Bank’s private offering oversubscribed 1.05 times

The private offering of United Bank of Egypt’s shares was 1.05 times oversubscribed on its first day, just minutes before the close of the session on Wednesday. Demand reached approximately 331 million shares for the private placement, exceeding the total 313 million shares offered through the private transaction market.

The United Bank announced that the private placement market for registering buy and sell orders would be open from Wednesday, November 20, until November 25.

The bank also disclosed in a statement to the stock exchange that the public offering will begin on November 27 and run until December 3.

The Financial Regulatory Authority (FRA) has approved the prospectus for both the public and private offerings of United Bank shares on the Egyptian Stock Exchange. A total of 330 million shares, representing 30 per cent of the bank’s issued capital (subject to increase), will be offered at a maximum price of 15.60 Egyptian pounds per share, split across two tranches (public and private).

The private offering tranche will consist of 313.5 million shares, representing 95 per cent of the total offering, or 28.5 per cent of the bank’s total shares. The public offering tranche will include 16.5 million shares, representing 5 per cent of the total offering, or 1.5 per cent of the bank’s total shares.

Attribution: Amwal Al Ghad Arabic 

Subediting: Y.Yasser