Egypt's Pharos, Renaissance Capital selected to manage e-finance’s IPO

The financial technology firm plans to increase its capital by 10-15%

  
A trader works at the Egyptian stock exchange in Cairo. Image for illustrative purposes.

A trader works at the Egyptian stock exchange in Cairo. Image for illustrative purposes.

REUTERS/Mohamed Abd El Ghany

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

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