Sarwa Capital to list up to 40% of shares in September
EXCLUSIVE- Sarwa Capital to list up to 40% of shares in September: Our friends at Sarwa Capital say that they will list 30-40% of their shares on the EGX in September, a source close to the transaction told Enterprise last week. 80% of the shares that will list will be offered to international institutions. The initial public offering will see our friends the Egyptian American Enterprise Fund (EAEF), who hold a majority stake in Sarwa, sell off a portion of their stake. The sale is expected to bring in around EGP 2 bn, which will be used to expand the company’s reach in the non-banking financial sector, as the firm looks to launch insurance and factoring operations. The company has officially applied for approval to list its shares with the Financial Regulatory Authority (FRA) and expects to receive final approval in around a month, the source added.
Advisers: Beltone Financial is running the transaction.
CORRECTION: The version of this story appearing in our e-mail edition incorrectly identified the investment bankers on the transaction. It is Beltone.