Financial evaluation for e-finance listing to be completed in October: Sarhan

Alyaa Stohy
1 Min Read

Chairperson of e-finance Ibrahim Sarhan said the financial evaluation of the company is scheduled to be completed during October, in preparation for offering a stake of the company on the Egyptian Exchange within the coming months.

Sarhan told Daily News Egypt during his participation in the Euromoney conference on Monday that the committee responsible for the government initial public offering (IPO) programme is to determine the stake to be floated and the best timing for the listing.

He had earlier estimated the offering at 15% of the company’s capital.

NI-Capital, the government’s technical adviser for the IPO programme, selected Pharos and Renaissance to manage the offering of the company, along with Zaki Hashem Lawyers as the legal adviser to the process, and Baker Tilly International as an independent financial adviser to determine the fair value of the share.

Sarhan added that the company’s board of directors agreed last week to increase the company’s capital by EGP 300m and hold a general assembly to approve it.

Sarhan said that the capital increase will boost the current capital to EGP 800m.

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