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Act Financial eyes EGP 700M EGX debut in May

The finance firm sets sights on IPO next month

What:

Act Financial is preparing for a big move in the Egyptian Stock Exchange (EGX). They plan an initial public offering (IPO) in May that aims to raise EGP 700 million. Al Borsa News reported this, citing a private placement memo by Zilla Capital, the financial advisor for the offering.

The Breakdown:

EGP 500 million will come from the sale to investors via private placement and EGP 200 million from the public offering.
Lower than previously reported: By the end of March, Al Borsa News had reported that the firm is gearing up to offer a minority stake valued at EGP 1 billion through a capital increase via its IPO.

So What:

This move will put 25% of Act Financial’s shares on the market, sources told Al Borsa News.
Beyond Numbers: Previously, Act Financial held significant positions in notable Egyptian companies, including Beltone Financial, Heliopolis Company for Housing and Development, SODIC, and Ezz Steel, demonstrating its strategic investment approach in the Egyptian market.