A fresh face on the EGX: The EGX’s listing committee approved the temporary listing of United Bank, the EGX said in an announcement yesterday. Shares will be listed on the bourse starting today, after which the company will have six months to meet listing requirements and obtain regulatory approvals ahead of its planned IPO set to take place before the end of 1Q 2025.

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The details: The Central Bank of Egypt-owned bank will list 1.1 bn shares with a nominal value of EGP 5 per share — bringing its total issued capital to EGP 5.5 bn. While the size of the stake in proportional terms was not disclosed, we’ve been expecting the CBE to offer anywhere between 30% and up to 49% of the lender. Trading will take place under the ticker UBEE.CA.

It’s only been a month since United Bank announced its IPO plans: Although the Central Bank of Egypt — which owns 99.9% of the United Bank — first announced its intention to sell the bank in 2017, it announced only last month that it would offer a stake of United Bank’s shares on the bourse. Shortly following this, the lender’s CEO Ashraf El Kady announced that the IPO will be promoted to investors across the Gulf, Europe, and the US.

This might be what Madbouly was hinting at last week: Prime Minister Moustafa Madbouly last week said that the government will soon announce “important news” regarding the privatization of banks.

Reuters took note of the news.

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