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All eyes on the IPO

United Bank’s public offering goes live

United Bank will start selling 16.5 million shares, which represent a 5% ownership in the company, to retail investors on the EGX today. Pay close attention to the Thndr app this morning.

The details:

The lender will sell shares at EGP 15.6 apiece.

Retail investors will be able to snap up shares in the public offering from today until December 3rd.

About UB:

UB, along with its non-banking division, have an extensive network consisting of 68 branches and a workforce of 1,800 individuals, the CBE noted.

In June 2024, the bank’s total assets increased to EGP 106 billion, up from EGP 72 billion in 2021.

UB’s profits also surged to EGP 1.742 billion by the end of December 2023, marking a notable rise from EGP 1.145 billion in December 2021.

The drive:

The move is in line with the International Monetary Fund’s requirement to accelerate implementation of the state privatization program. Expediting the government’s divestment program in the companies it owns and creating a “level playing field” that avoids unfair competitive practices by state-owned companies will be critical to keeping Egypt on the right track, the IMF noted.

Nahr Al-Khair raises its profits 99%YoY in 9M

Al Khair River For Development Agricultural Investment and Environmental Services Co. (Nahr Al-Khair) recorded a 99% YoY growth in net income during the first nine months of the year to EGP 48.95 million.

Revenues:

Its operating revenues increased by approximately 36.8% to reach EGP 201.59 million.

About the company:

The company — which made its public debut on the EGX in 2022 — provides land recuperation; equipment and facilities for lands; planting lands; livestock, birds and poultry farming; and offers cleaning services.

What else is clapping?

South Valley Cement recorded a 276.37% YoY rise in net losses to EGP 237.49 million during 9M 2024. Its sales rose to EGP 1.1 billion compared to EGP 592.5 million during the same period in 2023.
Egyptian snackmaker Edita Food Industries recorded a net profit of EGP 1.25 billion in the first nine months of the year, recording a 0.8% YoY downtick. The company’s sales increased to EGP 11.9 billion compared to EGP 8.75 billion in the same period of 2023.