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Ebtikar for Investment Finance postpones IPO due to market conditions - Daily News Egypt

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Ebtikar for Investment Finance postpones IPO due to market conditions

Vodafone Egypt to acquire an additional 10% of Bee and Masary


Ebtikar for Investment Finance decided to postpone its planned IPO until market conditions improve, sources close to the matter revealed to Daily News Egypt.

The IPO was expected to take place during the first half (1H) of this year.

The sources added that the unfavourable market conditions are the main reason for the postponement of the offering process, especially in light of the decline in liquidity levels and foreign sales.

They also said that the company would monitor market conditions and resume the offering plan again as soon as the conditions of the Egyptian Exchange (EGX) improve.

Furthermore, they revealed that EFG Hermes will play the role of the offering manager for the company, while Zaki Hashem & Partners will serve as a legal adviser.

EFG Hermes have already started a promotional tour of the company to attract investors to subscribe to the offering.

Moreover, the sources revealed that Vodafone Egypt is close to obtaining the approval of the regulatory authorities to acquire an additional 10% of Ebtikar;s Bee and Masary, after it had already recently acquired 10% of them.

Last year, the two companies signed a memorandum of understanding requiring Vodafone Egypt to acquire a 20% stake.

Additionally, last year, Ebtikar ended the transfer of ownership of shares of some companies that were under its umbrella to the recently established subsidiary Basata Financial Holding (Basata).

Ebtikar currently has under its umbrella the companies Masary and Bee for electronic payments as well as Basata Financial, which owns Tamweel Holding and Basata for SME Financing.

Topics: Ebtikar IPO

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https://www.dailynewsegypt.com/2022/06/28/ebtikar-for-investment-finance-postpones-ipo-due-to-market-conditions/
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