Egypt floats minority stake in E-Finance for IPO | latest...

Egypt floats minority stake in E-Finance for IPO | latest...
Egypt floats minority stake in E-Finance for IPO | latest...
The Egyptian state-controlled e-finance company for digital payments and financial investment said on Sunday that it will offer up to 14.5% of its capital.

In an initial public offering in the fourth quarter of 2021.

The company, which was founded in 2005, said in a statement that it is the only entity authorized to operate government financial networks, including processing and settling payment, collection and settlement transactions.

E-Finance’s initial public offering is one of several expected this year.

In May, Egypt sold a 51% stake in Arab Investment Bank to Egyptian financial group Hermes in the first deal to sell a majority stake in a bank since 2006.

The Egyptian government announced in 2018 its intention to sell minority stakes in more than 20 companies, but these deals have been repeatedly postponed due to the decline in market performance and the recent pandemic of the Corona virus.

E-Finance said it will offer 177.8 million new shares on the exchange, in addition to the 80 million shares already owned by existing shareholders, for institutional and individual investors.

Among the parties that own shares in the company are three state-owned banks, namely, the National Investment Banks, with a 63.64 percent share, and Al-Ahly and Egypt, each with a 9.09 percent stake, according to an annual financial report issued by the company in 2019.

And the Egyptian Banks Company, which is responsible for managing payments and led by the Central Bank, and the Egyptian Company for Investment Projects each have 9.09 percent of e-finance as well.

E-Finance said its revenues rose to 1.23 billion Egyptian pounds ($78 million) in 2020 and 904 million Egyptian pounds in the first half of 2021, at a compound annual growth rate of 30 percent from 2018 to 2020.

The company’s statement added that the offering process is subject to market conditions and regulatory approvals.

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