EGX Celebrates E-finance For Digital and Financial Investments on Its Main Platform
20/10/2021
The Egyptian Exchange
(EGX) celebrated today the company number 241 to join its main board, E-finance For Digital and
Financial Investments, a leading company in the development,
management and operation of technological networks for digital
transactions. The company is to be
traded under the ISIN code EFIH.CA. A ringing of bell ceremony was held in celebration
of this event in the presence of Dr. Mohamed Farid Saleh, Executive Chairman of
EGX, E-finance For Digital and
Financial Investments top management, and the marketing and
offering team.
The offering &
listing of E-finance
For Digital and Financial Investments is considered to be
the biggest with a value of EGP 5.8 billion, exceeding the value of Egypt
Telecom in 2005 of EGP 5.1 billion.
Public and private
offering covered 417.77 million shares representing 26.10% of the total
company’s shares with a price of EGP 13.98/share and with a total value of EGP
5.84 billion.
The IPO resulted in
25.77 million shares representing 6.17% of the total shares offered, and
represents 1.61% of the total shares of the issuing company while the private
placement allocated 392 million Shares representing 93.83% of the number of
shares offered, and 24.5% of the total shares of the issuing company. This brings eFinance's market capitalization
to EGP 22.4 billion before trading on the company's shares.
Dr. Mustafa Madboli,
Egyptian Prime Minister, praised the success of E-finance For Digital and Financial Investments’s
offering at EGX stating that it is “the largest in the history of
EGX". He added that this offering
is attracting foreign investments to the Egyptian market, reflecting the
confidence of local and foreign investors in the Egyptian economy.
Dr. Hala Al Said,
Minister of Planning and Economic Development, said investors have covered
eFinance Investment Group offering, including large foreign investors, some of
which are investing in Egypt for the first time, noting that the offering being
covered 61 times reflects this.
Dr. Mohammed Farid,
Executive Chairman of EGX, said that listing and trading of eFinance today is
an important step that will encourage other government and private companies to
offer and trade to take advantage of EGX’s platform for financing and achieving
objectives and business plans of these companies. He stressed that IPOs contribute to
businesses development and economic growth.
Dr. Ibrahim Sarhan,
Chairman of eFinance, expressed his pride in completing the offering process
and starting a new phase of eFinance's growth as a listed company on the
Egyptian Exchange. Sarhan said that the strong demand reflects the investment
community's confidence in the local and international arenas in the integrity
of the company's business model and its ability to employ promising growth
opportunities, by adopting and implementing an integrated strategic vision and
implementing the targeted growth plans. He added that eFinance seeks to achieve
greater synergy and integration between its subsidiaries and enhance its direct
presence in all corners of the digital payment system in Egypt.