{"id":653910,"date":"2024-10-24T00:00:00","date_gmt":"2024-10-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/united-bank-to-temporarily-list-1-1-bn-shares-on-the-egx-starting-today\/"},"modified":"2024-10-24T00:00:00","modified_gmt":"2024-10-24T00:00:00","slug":"united-bank-to-temporarily-list-1-1-bn-shares-on-the-egx-starting-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/united-bank-to-temporarily-list-1-1-bn-shares-on-the-egx-starting-today\/","title":{"rendered":"United Bank to temporarily list 1.1 bn shares on the EGX starting today"},"content":{"rendered":"<p> <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A fresh face on the EGX: <\/strong>The EGX\u2019s listing committee approved the temporary listing of United Bank, the EGX said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/2068.png\" style=\"\" rel=\"noopener\">announcement<\/a> 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. <\/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 Central Bank of Egypt-owned bank will 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 up <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\">to 49% of the lender<\/a>. Trading will take place under the ticker UBEE.CA. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s only been a month since United Bank announced its IPO plans: <\/strong>Although the Central Bank of Egypt \u2014 which owns 99.9% of the United Bank \u2014 first announced its intention to sell the bank in 2017, it <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 only last month<\/a> that it would offer a stake of United Bank\u2019s shares on the bourse. Shortly following this, the lender\u2019s CEO Ashraf El Kady announced 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>This might be what Madbouly was hinting at last week: <\/strong>Prime Minister Moustafa Madbouly last week said that the government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5e54f1d-dc98-4fe2-ac8a-af684b381301\/madbouly-promises-%253cmark%253eimportant%253c%2Fmark%253e-privatization-news-soon\" style=\"\" rel=\"noopener\">will soon announce<\/a> \u201cimportant news\u201d regarding the privatization of banks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-united-bank-list-cairo-stock-exchange-oct-24-2024-10-23\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong> <strong> took note of the news. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bank will temporarily list EGP 5.5 bn worth of shares<\/p>\n","protected":false},"author":1,"featured_media":653911,"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":[7224],"tags":[204,271,72,78,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-banking","tag-central-bank-of-egypt","tag-enterpriseam","tag-ipo-watch","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"2e1e4b2b-23bd-474a-9c2a-1c171f684f38","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2114.jpg","photo_position":"above","homepage_title":"","full_issue_title":"United 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