Rana Mamdouh _ Hapi Journal portal learned that Banque du القاهرة's public offering was covered by 1.05 times on the second day, as the private deals market received 241 million shares by the end of today's session.
The public offering tranche had been covered on the first day of the subscription launch by 42%, with the private deals market receiving 97 million shares.
It is worth noting that Banque du القاهرة and Banque Misr have concluded 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 preconditions and conditioned 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-upon 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 the day before yesterday the prospectus for the public and private offering of Banque du القاهرة, 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), within a price range between EGP 4.82 and EGP 5.30 per share.
It indicated that the offering is conducted through two tranches, as follows: The First Tranche – 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, and equivalent to 28.5% of the total issued capital shares of the bank.
The Second Tranche – Public Offering, for the public to sell 228.750 million shares, representing 5% of the total shares offered for sale, and 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 القاهرة, 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 such increase is announced no later than three days prior to the closing date for receiving public offering orders.
