EFG Holding approves valU’s listing on EGX
Updated 3/19/2025 10:22:00 AM
Arab Finance: EFG Holding, a leading financial institution in the MENA region, announced that its board has approved the listing of U Consumer Finance S.A.E. (known by its brand name valU) on the Egyptian Exchange (EGX), as per an emailed press release.
The board also decided to distribute part of EFG Holding’s distributable profits for the 2024 fiscal year (FY) to shareholders in the form of shares in U Consumer Finance, instead of cash dividends.
As part of the restructuring, EFG Holding will directly own 20.488% of U’s capital.
Shareholders of EFG Holding, including participants in the Employee Stock Option Program (ESOP), will receive U shares at book value, pro-rata to their ownership.
The record date for this distribution will be announced later. Once trading begins, shareholders can buy and sell their allocated U shares at market price. EFG Holding will not distribute any cash dividends as part of this process.
The listing will proceed following the completion of U’s registration with the Financial Regulatory Authority (FRA) and approval of its disclosure report.
EFG Holding will maintain at least a 67% indirect stake in U through its subsidiaries.
The fair value report for U, prepared by independent financial advisor Keys Financial Consulting S.A.E. (BDO), values the company at approximately EGP 15.586 billion.
The opening share price and initial trading limits will be set according to EGX mechanisms.
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