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Banque Misr Partakes in the IPO of E-Finance, Sells 15% of its Stake
23/10/2021




The stock market witnessed the offering of E-finance for financial and digital investments, "the company", which specializes in financial technology and electronic payment infrastructure, while being the exclusive partner for government payments. The offering witnessed a large turnout from individuals, as it was covered 61.4 times, becoming one of the largest offerings witnessed by the Egyptian Stock Exchange, with proceeds of EGP 5.8 billion from the sale of 417.8 million shares, representing 26.1% of the company’s total shares.


Banque Misr "the Bank", along with other company shareholders, sold 15.0% of their stake, in support of the overarching direction of the Egyptian state, which seeks to increase the company’s free capital and to contribute to the government offering program. This is in addition to the positive impact on the company and the economy brought about by the entry of local and foreign investors, whereby the percentage of foreign investors in the offering amounted to 72.0%, which contributes to increasing the trading volume and supporting liquidity.


Mr. Mohamed El-Etreby, Chairman of the Board of Banque Misr, stated: “We are pleased to complete this offering, as the company is considered one of the most important players in the payments market in Egypt; providing its services via a variety of platforms that specialize in settling government payment and collection transactions, whose operations amounted to EGP 2.1 trillion in 2020, divided into EGP 1.4 trillion in payments and EGP 0.7 trillion in receipts. This is in addition to the presence of a platform for customs, the agricultural sector and the health sector; together with its acquisition of a 75.0% share of the market for issuing plastic cards in Egypt and the provisioning of custodial and technical advisory services to advance the country's digital transformation process."


Mr. Akef Al-Maghraby, Vice Chairman of the Board of Banque Misr, confirmed that the Bank achieved an internal rate of return on investment in the company exceeding 45.0%; and that the company's offering represents an added value to the portfolio of companies listed on the Egyptian Stock Exchange, which contributes to promoting the growth of market capital and offers new products that enable market investors to diversify their investments in robust Egyptian companies. This is especially since the company represents one of the main players upon which the Egyptian state depends in its strive towards achieving Egypt’s Vision 2030, which aims to shift towards a digital economy and to adopt information technology in order to provide smart services to citizens.


Banque Misr keenly seeks to fulfil the requirements of its customers, in order to effectively contribute to developing and advancing society, as it consistently works on differentiating its services to maintain its long-standing success, while proactively partaking in services that fulfil the requirements of customers. The values and strategies of Banque Misr reflect its commitment to achieving sustainable development and prosperity for Egypt.