Cairo – Egypt's e-finance, majority owned by the state-owned National Investment Bank (NIB), plans to float a stake on the Egyptian Exchange (EGX) through a capital raise, the company’s chairman Ibrahim Sarhan told Mubasher.

The state-owned financial technology company plans to increase its capital by 10-15% as shareholders are not willing to sell their shares, Sarhan added.

A consortium, comprising Renaissance Capital and Pharos Holding, has been selected to manage the company’s initial public offering (IPO), while Zaki Hashem & Partners will serve as the legal advisor, he revealed.

The date of the IPO has not been determined yet.

It is noteworthy that Egypt’s minister of planning Hala El-Saeed previously noted that e-finance’s IPO will contribute to improving corporate governance and diversifying the company’s investments.

Translated by: Zeinab Adel

Source: Mubasher Exclusive

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.