{"id":662618,"date":"2025-03-19T00:00:00","date_gmt":"2025-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/19\/valu-inches-towards-an-egx-debut\/"},"modified":"2025-03-19T00:00:00","modified_gmt":"2025-03-19T00:00:00","slug":"valu-inches-towards-an-egx-debut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/19\/valu-inches-towards-an-egx-debut\/","title":{"rendered":"Valu inches towards an EGX debut"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, and welcome to the homestretch.<\/strong> With Eid just within reach, we\u2019re following news of pending EGX listings, EV battery breakthroughs, and conversations around the proverbial water cooler about this Ramadan\u2019s frontrunning drama series.<\/p>\n

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

Valu is one step closer to its EGX debut: <\/strong>EFG Holding\u2019s board of directors has approved a decision to list fintech subsidiary U Consumer Finance, better known by its brand name Valu, on the EGX, according to a company statement (pdf)<\/a>. <\/p>\n

EFG Holding will restructure its ownership in Valu ahead of the listing: <\/strong>The board has also approved a restructuring plan that will give EFG Holding a 20.5% direct stake in Valu \u2014 which it indirectly owns through EFG Finance. To carry out the plan, EFG Holding will distribute Valu shares equivalent to the target stake to its shareholders in lieu of cash dividends for 2024 earnings. The plan will be pending the General Assembly\u2019s approval and has received the Financial Regulatory Authority\u2019s preliminary approval, according to a statement (pdf)<\/a> by the authority.<\/p>\n

The transaction values Valu at EGP 15.6 bn<\/strong>, based on the independent financial assessment (IFA) of BDO Keys Financial Consulting. Upon completion, EFG Holding will directly own a c.20.5% stake in Valu, while retaining its 67% indirect ownership in the company through other subsidiaries. <\/p>\n

Not your regular IPO:<\/strong> The partial distribution of Valu shares to EFG Holding\u2019s shareholders will facilitate Valu\u2019s planned listing on the EGX. Once the shareholders receive their dividends in the form of Valu shares \u2014 which will be immediately listed on the EGX \u2014 they can either retain ownership in Valu or sell on the open market. <\/p>\n

REMEMBER-<\/strong> We first got word of Valu\u2019s plan<\/a> to list on the EGX in March of last year, when CEO Walid Hassouna announced that the company would offer up to 25% of its shares on the EGX within a year.<\/p>\n

^^ We\u2019ll have more on the story in tomorrow\u2019s edition of EnterpriseAM Egypt.<\/p>\n

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

Turkey <\/strong>detained<\/a><\/strong> Istanbul mayor Ekrem Imamoglu<\/strong> \u2014 President Recep Tayyip Erdogan\u2019s most prominent rival and leading opposition party figure \u2014 on charges of terrorism and organized crime. The arrest is the latest in a series of legal crackdowns on opposition figures across the country. The 54-year-old mayor was expected to be elected as the Republican People's Party's official presidential candidate within days.<\/p>\n

Turkish markets recoiled: <\/strong>The TRY fell 12% to an all-time low of 42 against the USD before paring some of the losses, while the BIST 100 stock index<\/a>, the country\u2019s benchmark index, dropped<\/a> by as much as 7%. <\/p>\n

ALSO- A US federal judge <\/strong>ruled<\/a><\/strong> that the shutdown of USAID led by b\u2019naire Elon <\/strong>Musk is unconstitutional<\/strong>, blocking him from taking further steps to dismantle the agency. The decision forces Musk and the Department of Government Efficiency to restore access to USAID systems \u2014 including email, payment, and security notifications \u2014 for all USAID employees. The ruling came in response to a lawsuit by the organization\u2019s employees arguing that Musk illegally took control of the agency without Senate approval.<\/p>\n

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