Banque Misr participates in the public offering of “e-finance” by selling 15% of its stake


Cairo – Mubasher: The stock market witnessed the launch of e-finance for financial and digital investments, “the company”, which specializes in financial technology and electronic payments infrastructure and is the exclusive partner for government payments.

The offering witnessed a large turnout from individuals, as the public offering was covered 61.4 times, to be one of the largest offerings witnessed by the Egyptian Stock Exchange, with a proceeds of 5.8 billion from the sale of 417.8 million shares, representing 26.1% of the company, according to a statement issued today.

Banque Misr “The Bank”, along with the rest of the company’s shareholders, sold 15.0% of their shares in order to enhance the general direction of the Egyptian state to increase the free capital of the company, and to contribute to the government offering program, as well as the positive impact that it has on the company and the economy through the entry of local and foreign investors, where The percentage of foreign investors in the offering amounted to 72.0%, which contributes to increasing the trading volume and supporting liquidity.

Mohamed El-Etreby, Chairman of Banque Misr, commented: “We are pleased to complete this offering, as the company is considered one of the most important players in the payments market in Egypt, as it provides its services through a variety of platforms that specialize in settling government payment and collection transactions, which reach the value of its operations within a year. 2020 amount of 2.1 trillion pounds, divided into 1.4 trillion pounds in payments and 0.7 trillion pounds in receipts.

He continued, “This is in addition to the presence of a platform for customs, the agricultural sector, and the health sector, and its acquisition of a 75.0% share of the market for issuing plastic cards in Egypt, and providing it with pledge services and technical advice to advance the digital transformation process in the country.”

Akef Al-Maghraby, Vice Chairman of Banque Misr, confirmed that the bank achieved an internal rate of return on investment in the company exceeding 45.0%, and that the company’s offering represents an added value to the portfolio of companies listed on the Egyptian Stock Exchange and contributes to promoting the growth of market capital and offering new products that enable investors in the market to diversify Their investments in strong companies in the Egyptian market, especially since the company represents one of the main players on which the Egyptian state depends in its steps towards achieving Egypt’s Vision 2030, which aims to shift towards a digital economy and rely on information technology to provide smart services to citizens.

The Stock Exchange had announced that trading on the shares of e-finance for financial and digital investments will start from the trading session on October 20, 2021, without being bound by the price limits or the temporary suspension mechanisms in force during that session only.

The stock exchange stated: “The opening price (the reference price) is the offering price of 13.98 pounds per share, provided that trading takes place as of the next trading session in accordance with the mechanisms in force in the market in which the security is listed.”

It added that the stock will be included in List A, which is allowed to engage in specialized activities on the listed securities, as of October 24, 2021.

The total quantities of purchase orders (initial quantity) registered in the private deals market amounted to 1.58 billion shares.

And e-finance for financial and digital investments had said that the price range for the company’s offering of the company’s shares on the Egyptian Stock Exchange “public offering” ranged between 12.50 pounds and 13.98 pounds per share.

The company obtained the necessary approvals to register its shares on the Egyptian Stock Exchange from the Egyptian Financial Supervisory Authority on September 23, 2021, noting that the completion of the expected offering process and the start of trading on the company’s shares are taking place in accordance with the requirements and requirements of the Egyptian Financial Supervisory Authority and the Egyptian Stock Exchange, and after the completion of the book building process.

E-Finance’s revenues amounted to 1.2 billion Egyptian pounds during 2020, at a compound annual growth rate of 30% between 2018 and 2020, while revenues amounted to 904 million pounds during the first half of 2021.

Operating profits before taxes, interest, depreciation and amortization amounted to 465 million pounds, with a compound annual growth rate of 35% between 2018 and 2020, while operating profits amounted to 379 million pounds during the first half of 2021.

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