Rana Mamdouh _ Hapi Journal portal learned that the subscription for the public offering of Banque du Caire, which includes 228.750 million shares, reached 1.49 times by the end of the third day of the subscription period, with total cumulative purchase orders registered in the private deals market amounting to approximately 341.3 million shares.
The public offering tranche had been subscribed by the end of the second day of the subscription period—which runs until October 28—by 1.05 times, and achieved a 42% subscription rate on the first day.
It is worth noting that Banque du Caire and Banque Misr have concluded investment agreements with a number of qualified investors, pursuant to which each investor independently undertakes to purchase a number of shares within the first tranche of the private offering, in accordance with the terms and conditions of the agreement concluded therewith and at the final price resulting from the offering, subject to the fulfillment of precedent conditions 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 Caire, in order to complete the procedures necessary 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 – 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, and equivalent to 28.5% of the total issued capital shares of the bank.
The Second Tranche – The Public Offering, is 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 tranches may be increased, in light of the subscription volume, by a maximum of 2.287.5 billion shares, representing 15% of the total capital shares of Banque du Caire, bringing the total shares offered for 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.
