Sigma Capital

12-11-2024

United Bank sets price range for its shares between EGP 12.7 and EGP 15.6

Source: MIST

Al Mal-

United Bank announced setting the price range for offering 30% of its shares on the stock exchange, between EGP 12.7 and EGP 15.6, with the final price of the offering to be determined according to the results of the order book building process.
United Bank seeks to raise between EGP 4.191 billion and EGP 5.148 billion, as the bank prepares to offer 330 million shares, distributed as follows: 313.5 million to investors and institutions from Egypt and elsewhere (private offering), and 16.5 million shares to individuals in a public offering.
Ashraf El-Kady, the bank's managing director and CEO, said in a statement today that growth in the banking sector is driven by several factors, including the diversity and growth of the Egyptian economy, Egypt's population with a significant increase in the spread of financial services, a strong regulatory and supervisory framework, in addition to other factors such as financial inclusion and digitization, and encouraging companies and projects to transition to the formal sector.
He added that United Bank has demonstrated strong financial performance over the years, recording a compound annual growth in net income from return of 34% between 2021 and 2024, and a growth in net profits of 72% on an annual basis, while the net income from return margin reached 6.5%.