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Wednesday, 8 January 2020

E-Finance to debut on EGX in April 2020?

PRIVATIZATION WATCH- E-Finance to debut on EGX in April? The government is planning to IPO state-owned e-payments platform E-Finance on the EGX by April 2020, the domestic press reports, citing unnamed sources. It is currently deciding on the size of the stake it will offer and expects to begin a fair value study within the next six weeks.

Advisors: Pharos Holding and Renaissance Capital are joint global coordinators. Zaki Hashem & Partners were previously reported to have been retained as legal advisors, while Baker Tilly was tapped to prepare the fair value report. Inktank is investor relations advisor.

Background: E-Finance and Banque du Caire are both being readied by the government for possible IPOs within the opening months of the year. BdC is expected to offer a 49% stake during the first quarter, with a roadshow due to kick off at some point this month. Meanwhile, E-Finance Chairman Ibrahim Sarhan suggested last month that his company could also make its market debut during the first three months of the year.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2020 Enterprise Ventures LLC.