{"id":653475,"date":"2024-10-17T00:00:00","date_gmt":"2024-10-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/united-bank-submits-request-to-list-shares-on-the-egx\/"},"modified":"2024-10-17T00:00:00","modified_gmt":"2024-10-17T00:00:00","slug":"united-bank-submits-request-to-list-shares-on-the-egx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/united-bank-submits-request-to-list-shares-on-the-egx\/","title":{"rendered":"United Bank submits request to list shares on the EGX"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>United Bank\u2019s IPO is in motion: <\/strong>United Bank has officially submitted a request to list its shares on the EGX as the central bank pushes ahead with its plan to sell a stake in the lender in an initial public offering before the end of 1Q 2025, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/1387.jpg\" style=\"\" rel=\"noopener\">EGX bulletin<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The bank is planning to list 1.1 bn shares with a nominal value of EGP 5 per share \u2014 bringing its total issued capital to EGP 5.5 bn. While the size of the stake in proportional terms was not disclosed, we\u2019ve been expecting the CBE to offer anywhere between 30% and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a78c923-5790-48d1-b5a6-ab1de406caa1\/alexandria-for-industrial-development-to-build-usd-120-mn-worth-of-turnkey-factories-for-foreign-companies.-plus:%253cmark%253e-united-bank%253c%2Fmark%253e,-fawry,-raya-cx,-easwaaq-%2B-post-for-investment,-trellix\" style=\"\" rel=\"noopener\">up to 49% of the lender<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The lender is in the process of finalizing the necessary paperwork ahead of presenting it to the EGX\u2019s listing committee. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>The Central Bank of Egypt \u2014 which owns 99.9% of the United Bank \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40b1d4bd-9030-4e7f-8543-b52679d46ab5\/egypt%E2%80%99s-central-bank-to-offer-a-portion-of-its-stake-in-united-bank-on-the-egx\" style=\"\" rel=\"noopener\">announced last<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40b1d4bd-9030-4e7f-8543-b52679d46ab5\/egypt%E2%80%99s-central-bank-to-offer-a-portion-of-its-stake-in-united-bank-on-the-egx\" style=\"\" rel=\"noopener\">month<\/a> that it would offer a stake of United Bank\u2019s shares on the bourse. The lender\u2019s CEO Ashraf El Kady previously said that the IPO will be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a78c923-5790-48d1-b5a6-ab1de406caa1\/alexandria-for-industrial-development-to-build-usd-120-mn-worth-of-turnkey-factories-for-foreign-companies.-plus:%253cmark%253e-united-bank%253c%2Fmark%253e,-fawry,-raya-cx,-easwaaq-%2B-post-for-investment,-trellix\" style=\"\" rel=\"noopener\">promoted to investors<\/a> across the Gulf, Europe, and the US. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The central bank remains on the lookout for a strategic investor:<\/strong> The central bank remains on the hunt for a strategic investor to acquire a majority stake in the lender, a senior banking source previously told EnterpriseAM, adding that offering a portion of the bank on the EGX will make it more appealing to potential investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A long time coming:<\/strong> The CBE first announced its plan to sell the bank in 2017, but the Covid pandemic put the plans on ice. United Bank was also listed in the lineup of state companies and assets earmarked for privatization in the rebooted privatization program unveiled in February 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bank is planning to list 1.1 bn shares with a nominal value of EGP 5 per share<\/p>\n","protected":false},"author":1,"featured_media":653476,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7321],"tags":[204,271,72,81,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-banking","tag-central-bank-of-egypt","tag-enterpriseam","tag-privatization-watch","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"f9218c52-42a9-425e-a2ae-f7549dfd3262","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/535.jpg","photo_position":"above","homepage_title":"","full_issue_title":"United Bank submits request to list shares on the EGX","related_issue":[653467],"teaser":"The bank is planning to list 1.1 bn shares with a nominal value of EGP 5 per share","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.b15dcd42-3e4b-4f7b-87cf-30070b9fef13.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>United Bank submits request to list shares on the EGX - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/united-bank-submits-request-to-list-shares-on-the-egx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"United Bank submits request to list shares on the 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The disclosure didn\u2019t disclose the identity of the buyer or the value of the transaction.ADIB Egypt will also go ahead with a EGP 2 bn capital\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":656068,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/28\/united-bank-to-raise-egp-4-6-bn-from-ipo-under-final-share-price\/","url_meta":{"origin":653475,"position":4},"title":"United Bank to raise EGP 4.6 bn from IPO under final share price","author":"enterpriseam admin","date":"28 November 2024","format":false,"excerpt":"The private placement was 6x oversubscribed","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/953.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553863,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-qir-raises-egp-2-25-bn-in-secondary-offering\/","url_meta":{"origin":653475,"position":5},"title":"Abu Qir raises EGP 2.25 bn in secondary offering","author":"enterpriseam admin","date":"12 December 2021","format":false,"excerpt":"Abu Qir Fertilizers completed the sale of 10% of its shares for EGP 2.25 bn (c. USD 143 mn), according to a statement published on the bourse (pdf) on Thursday. The company\u2019s long-awaited secondary offering on the EGX was priced at EGP 17.80 per share, valuing Abu Qir at EGP\u2026","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/292.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=653475"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653475\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/653467"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/653476"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=653475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=653475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=653475"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=653475"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=653475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}