United Bank of Egypt (UBE) will embark on a significant privatization move by listing 30% of its shares on the Egyptian Exchange (EGX). This strategic initiative is expected to be completed before the end of the year, marking a major step in Egypt’s broader efforts to liberalize its economy.
Key Highlights of the IPO:
The successful listing of UBE shares is contingent upon obtaining necessary approvals from the FRA and the EGX. Further, key shareholders of UBE are required to retain at least 51% of their holdings for a period of two years post-listing. This measure aims to ensure stability and investor confidence.
By going public, UBE aligns itself with Egypt’s broader privatization agenda, which seeks to unlock the potential of state-owned enterprises and foster economic growth. The listing is expected to increase transparency, improve corporate governance, and attract foreign investment to the Egyptian market.
