Act Financial eyes EGP 1B from minority stake sale on EGX
Updated 3/28/2024 9:19:00 AM
Arab Finance: The investment management company Act Financial is seeking to raise around EGP 1 billion from offering a minority stake on the Egyptian Exchange (EGX), Al Borsa News reported, citing sources in the know.
The company has already filed a temporary listing request to the EGX and is awaiting the listing committee’s approval, the sources highlighted.
The size of the stake to be offered will be determined once the independent financial advisor Financial Advice Corporate Transactions (FACT) concludes the evaluation studies on Act Financial’s stock within days.
The listing procedures are set to be finalized in the second quarter (Q2) of this year, the sources noted, adding that proceeds from the offering will be used to finance the anticipated expansions and lure new investments.
The process will involve a capital increase, part of which will be allocated for the public offering and another for the private offering, the sources highlighted, ruling out the exit of any existing shareholders.
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