Rana Mamdouh _ Hapi Journal portal learned that Banque du Caire's public offering was 42% covered on the first day, as the private deals market received 97 million shares by the end of today's session.
According to a statement by the bank moments ago, Banque du Caire and Banque Misr entered into investment agreements with a number of qualified investors, under which each investor independently commits to purchasing a number of shares within the first tranche of the private offering, in accordance with the terms and conditions of the agreement concluded with them, and at the final price resulting from the offering, subject to fulfilling the precedent conditions and conditional upon the price stipulated in the relevant agreement, which may vary from one investor to another.
The names of the qualified investors and the agreed investment percentages are as follows: Sustainable Capital at 18%, RWC Asset Management and RWC Asset Advisors at 11%, Waha Investments at 9%, and Helikon Investments at 25%.
It is worth noting that the Financial Regulatory Authority (FRA) approved yesterday the publication of the public and private offering prospectus for Banque du Caire, in order to complete the necessary procedures for the sale of 4.575 billion shares, representing 30% of the total issued capital shares of the bank on the Egyptian Exchange (EGX), with a price range between EGP 4.82 and EGP 5.30 per share.
It indicated that the offering is carried out through two tranches, as follows: The first tranche – The Private Offering: for natural and legal persons among qualified investors for the private offering, including financial institutions, individuals, and entities with experience and financial solvency, to sell 4.346 billion shares, representing 95% of the total shares offered for sale, equivalent to 28.5% of the total issued capital shares of the bank.
The second tranche includes – The Public Offering, to the general public to sell 228.750 million shares, representing 5% of the total shares offered for sale, equivalent to 1.5% of the total issued capital shares of the bank.
According to the offering prospectus, the number of shares offered within the public and/or private offering tranche may be increased, in light of the coverage volume, by a maximum of 2.287.5 billion shares, representing 15% of the total capital shares of Banque du Caire, bringing the total offered shares of the bank to 6.862.5 billion shares, representing 45% of the bank's total shares in accordance with the resolution of the Extraordinary General Assembly, provided that this increase is announced no later than three days before the closing date for receiving public offering orders.
