Act Financial obtains FRA’s nod for EGX listing

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The Financial Regulatory Authority (FRA) greenlighted the registration of Act Financial’s shares on the Egyptian Exchange (EGX).

The company plans to float shares valued at EGP 1.04 billion, according to a bourse disclosure.

Act Financial plans to allocate 300 million shares for the private offering and 60 million shares for the public offering, with a share equal to about 32% of the company’s shares.

The public subscription is scheduled to take place during 9-23 July 2024, while the private subscription will be from 9 to18 July.

The FRA also approved ACT Financial’s capital increase by issuing a maximum number of 360 million shares, representing 47% of the capital shares before the increase, at a price of EGP 2.90 per share.

In April 2024, the EGX passed the company’s initial public offering (IPO) to reinforce its position as a key player in the investment scene.