United Bank’s shares begin trading on EGX
Updated 12/11/2024 2:46:00 AM
Arab Finance: Trading on the shares of The United Bank under the ticker symbol (UBEE.CA) on the Egyptian Exchange (EGX) began on December 10th, according to a press release.
The opening bell rang at 10:00 am, signaling the start of trading, with the stock priced at EGP 13.85 per share, the offering price.
The bell-ringing ceremony was attended by Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), Ahmed El-Sheikh, Chairman of the EGX, Rami Aboul Naga, Deputy Governor of the CBE, Tarek El-Khouly, another Deputy Governor, and Heba El-Serafy, Vice Chairman of the EGX.
Commenting on this, Abdalla said that listing The United Bank on the EGX is a strategic step to support the bank's sustainable growth plans and strengthen its position both locally and internationally.
He also noted that it contributes to revitalizing the stock market, especially the banking sector, which has not seen new listings in over 25 years.
This step will have a positive impact on the EGX while expanding the ownership base of The United Bank, Abdalla noted.
For his part, El-Sheikh highlighted the strong demand for the offering, noting that the private placement for qualified investors was oversubscribed 6 times, while the public offering, open to all investors, was oversubscribed 59 times, with an allocation rate of 1.7%.
He added that these figures reflect a significant appetite for new offerings and a growing confidence in the EGX and its capacity to absorb listings from both the public and private sectors.
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