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FinancialNews


  • 20-09-21

    Egyptian e-finance to offer 14.5 percent of its capital in initial public offering

    (MENAFN)Egyptian state-controlled payments firm e-finance for Digital and Financial Investments would offer 14.5 percent of its capital in an initial public offering in the October-December period of 2021.

    According to a statement by e-finance, it is the sole entity allowed to run the government’s financial network, including processing and settling payment and collection transactions.

    Egypt sold its first sale of a majority bank stake since 2006 that is 51 percent stake in state-owned Arab Investment Bank to privately owned EFG Hermes.

    The company further declared that it would float 177.8 million new shares on the stock exchange and 80 million shares owned by current shareholders, to the institutional and retail investors.

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