The Financial Supervisory Authority announced, and a letter was received from the company “E-Finance for Financial and Digital Investments” regarding its desire to increase the number of shares offered for sale to 417.78 million shares, representing 26.1% of the company’s total outstanding shares instead of 257.78 million shares, which represents 16.1% of the total Company shares.
The Financial Supervisory Authority explained that the justification for e-finance’s request came in light of the increase in demand for shares, which exceeded the offered shares several times.
The FRA said it had nothing to prevent it from increasing the number of shares offered for sale to 417.777 million shares, representing 26.1% of the company’s total outstanding shares, instead of 257.777 million shares.
She emphasized that pledges should be submitted to the Stock Exchange that the main shareholders’ retention rate in the company shall not be less than the percentage specified in accordance with Article 7 of the rules for listing and writing off securities for a period of no less than two fiscal years from the date of the offering, and a letter from the Misr Clearing Company stating the freezing in accordance with the aforementioned article.
Earlier, the Financial Supervisory Authority announced that it does not object to publishing the “Offering Prospectus” for the purpose of selling a maximum of 257 million and 777 thousand shares, which represents 16.1% of the total capital of E-Finance for financial and digital investments through offering in the secondary market (offering public and private).
On Wednesday, October 6, the company opened the door for receiving applications for subscription in the private placement tranche, which is scheduled to continue until October 11, 2021, and trading on the company’s shares will begin by October 20.
E-Finance for financial and digital investments announced that it achieved unprecedented success on the first day of the subscription after covering all the shares offered by investors.
The company stated, in a statement today, that it had opened the door for receiving subscription applications for the private placement tranche last Wednesday, which was scheduled to continue until next Monday, provided that trading on the company’s shares will begin on October 20, 2021.
She indicated that it is scheduled to be announced next Tuesday, the official price of the share, which was disclosed last Wednesday, at a price ranging between 12.50 pounds and 13.98 pounds per share.
E-Finance intends to offer 80 million shares of the current shares in a secondary offering on the Egyptian Stock Exchange and an initial offering of 177,777,778 ordinary shares, which amounts to a total of 16.1% of the company’s currently issued capital.
The article, due to high demand, was written in the Al Borsa newspaper.