{"id":655819,"date":"2024-11-25T00:00:00","date_gmt":"2024-11-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/25\/united-banks-already-3x-oversubscribed-private-placement-set-to-wrap-today\/"},"modified":"2024-11-25T00:00:00","modified_gmt":"2024-11-25T00:00:00","slug":"united-banks-already-3x-oversubscribed-private-placement-set-to-wrap-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/25\/united-banks-already-3x-oversubscribed-private-placement-set-to-wrap-today\/","title":{"rendered":"United Bank\u2019s already 3x oversubscribed private placement set to wrap today"},"content":{"rendered":"

Good morning, folks<\/strong>. <\/strong>With a flurry of announcements during IFC Africa head S\u00e9rgio Pimenta\u2019s visit to the country, Amr Shabana stepping into the world of sports management with the acquisition of a company, and more, we\u2019re struggling to fit everything into today\u2019s packed issue. Space is at a premium this morning, so let\u2019s jump right into it.<\/p>\n

PSA-<\/p>\n

WEATHER- It\u2019s another wintery day in Cairo today<\/strong>, with a high of 19\u00b0C, a low of 14\u00b0C, and a chance of light to moderate rain according to our favorite weather app.<\/p>\n

It\u2019s much the same in Alexandria<\/strong>, with a high of 18\u00b0C, a low of 15\u00b0C, and also a chance of showers.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

ICYMI- Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at the government\u2019s plan to slash export support in the revamped subsidy program. Check out the full story here<\/a>. <\/p>\n

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HAPPENING TODAY- <\/p>\n

<\/a> #1- Institutional investors\u2019 last chance to buy up a piece of United Bank:<\/strong> The bank\u2019s private<\/a>placement<\/a> on the EGX will wrap up later today. The placement is offering up 95% of the offered shares \u2014 equivalent to 313.5 mn shares \u2014 at EGP 15.60 a pop.<\/p>\n

The offering is reportedly already 3x oversubscribed<\/strong> with still one day left of the placement to go, Al Mal<\/a> reported, citing what it describes as informed sources.<\/p>\n

Retail investors will soon get their chance as well<\/strong>, after the remaining 5% of the offered up shares in the bank \u2014 totalling 16.5 mn shares \u2014 will be available to retail investors starting Wednesday and carrying on until 3 December.<\/p>\n

The total offering could see the bank raise up to EGP 5.1 bn<\/strong> by floating 330 mn of its shares<\/a> \u2014 equivalent to a 30% stake.<\/p>\n

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<\/a> #2- Investment Minister Hassan El Khatib <\/strong>is in Riyadh<\/a><\/strong> for the annual<\/strong> World Investment Conference<\/a><\/strong>, which is set to continue until Wednesday. The conference will see El Khatib hold meetings with a number of officials, business leaders, and company heads to discuss \u2014 you guessed it \u2014 investment.<\/p>\n

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<\/a> #3- The International Manufacturing Convention and Exhibition is set to <\/strong>kick off today<\/a><\/strong> at Cairo\u2019s Al Manara International Conference Center. The three-day Federation of Egyptian Industries-organized conference will be inaugurated by Prime Minister Mostafa Madbouly today and host local, regional, and international representatives from various manufacturing sectors.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> We should soon know more about the government\u2019s plan to split the Egyptian Electricity <\/strong>Transmission Company <\/strong>(EETC) from the Egyptian Electricity Holding Company (EEHC): <\/strong>The EETC is preparing a list of ways the split could be carried ahead of presenting it to the Madbouly government next month, one anonymous government official told Asharq Business<\/a>. After receiving the greenlight from the government, EETC will likely tap CI Capital to evaluate its assets, he added. <\/p>\n

The proposed scenarios:<\/strong> The first scenario is for the EETC to establish subsidiaries to purchase electricity generated by private players and sell it to the national grid. The second scenario would see EETC launch a subsidiary dedicated to electricity interconnection projects with other countries. The source explained that the final scenario involves the EETC operating solely as a network operator, setting up subsidiaries, and becoming a holding company. <\/p>\n

But why do they want to split the two companies in the first place? <\/strong>The move aims to encourage private investment in the energy sector, particularly in renewable energy, while maintaining the stability and efficiency of the national electricity grid, Electricity Minister Mahmoud Esmat said last month<\/a>. <\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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CIRCLE YOUR CALENDAR- <\/p>\n

#1- Handicrafts fans, it\u2019s time to mark your calendars for Turathna 2024:<\/strong> The annual MSMEDA-organized Turathna exhibition will be showcasing handicrafts and heritage from 12-21 December at the Egypt International Exhibitions Center, according to a cabinet statement<\/a>.<\/p>\n

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#2- The Civil Society Support Fund will launch a digital platform next January<\/strong>, allowing users to apply for funding grants through a controlled system outlining objectives, spending plans, and governance criteria, according to a Social Solidarity Ministry statement<\/a>.<\/p>\n

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#3- This year\u2019s <\/strong>Food Africa Expo<\/a><\/strong> is set to take place between 3-5 December,<\/strong> with the event set to take place at the Egypt International Exhibition Center. The three-day event will bring together wholesalers, distributors, and retailers in food and beverage industries from countries across the world. You can register for the event here<\/a>.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

It\u2019s another deeply mixed morning in the international business press<\/strong>, giving us a range of stories and headlines to wade through. Among the stories leading the front pages this morning:<\/p>\n