Fintech giant Valu has gotten an initial green light from the EGX’s listing committee to list its shares on the bourse, according to an announcement. The shares will have the ticker VALU.CA and the company will have up to six months to meet listing requirements and obtain regulatory approvals before the shares start trading.

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The details: Valu will list 2 bn shares with a nominal value of EGP 0.10 per share — bringing its issued capital to EGP 200 mn.

We have an idea when Valu may start trading: EFG Holding Group CEO Karim Awad toldus in March that he expects the company to begin trading sometime in June.

This isn’t an IPO: EFG Holding will take U Consumer Finance — which owns and operates the Valu brand — public by giving its shareholders stock in U equivalent to about 20.5% of the company. EFG is giving its shareholders stock in U as a dividend, with the stock set to begin trading on the EGX that same day the shares are granted. The “move unlocks value for EFG Holding shareholders by crystallizing the true market worth of a key asset,” Awad told us.

EFG Hermes shareholders are set to approve the offering this weekend: Shareholders meeting at EFG Holding’s general assembly will vote this Saturday on the firm’s plan to distribute 20.5% of U Consumer Finance to shareholders, CFO Mohamed AbdelKhabir told Al Arabiya (watch: runtime: 5:34).

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