Egypt is set to raise up to E£5.15bn ($104mn) through the sale of a 30% stake in the state-owned United Bank in a partial IPO on the Egyptian stock exchange (MEES, 22 November).
Some 95% of the stake on offer (313.5mn shares) was sold directly to investors in a private placement that ran from 20 to 25 November, with an indicative price range of E£12.7 to E£15.6 ($0.26 to $0.31) per share. The remaining 16.5mn shares (5% of the stake on offer and 1.5% of the bank’s total shares) are now offered to the public in an IPO running from 27 November to 3 December. (CONTINUED - 124 WORDS)