he company finished spinning off most activities that are not related to e-payments, a process it wanted to complete before listing
A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab Finance
Egypt - Ebtikar has narrowed the deadline for its planned initial public offering (IPO) on the Egyptian Exchange to the fourth quarter (Q4) of 2021, the IR director of majority shareholder B Investments Omar El Labban told Enterprise.
The company finished spinning off most activities that are not related to e-payments, a process it wanted to complete before listing.
El Labban noted that the non-banking financial services player is still working with its IPO lead manager EFG Hermes to determine the size of the sale and how much it is targeting to raise.
Founded in 2017, Ebtikar was established as a joint venture between a leading trading company (MTI) and a private equity group (B Investments & BPE Partners) in a bid to capitalize on MTI’s vast distribution network and BPE’s financial expertise to help mold the nascent non-banking financial services sector in Egypt.
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