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e-finance dedicates EGP 2.3B of IPO’s proceeds for capital increase: Chairman

e-finance dedicates EGP 2.3B of IPO’s proceeds for capital increase: Chairman

ArabFinance:  The capital increase share of e-finance for Digital and Financial Investments (EFIH) from the initial public offering’s (IPO) proceeds is estimated at around EGP 2.3 billion out of a total sum of EGP 5 billion, the company’s chairman Ibrahim Sarhan told Al Mal Newspaper.

Proceeds from the capital increase will be directed in financing expansion plans of e-finance and its subsidiaries, Sarhan highlighted.

These comments came were made in a press conference on the sidelines of e-finance’s trading debut in the Egyptian Exchange (EGX).

It is worth noting that public and private offerings of e-finance were carried out on 417.777 million shares, representing 26.10% of the company’s issued capital, at a total value of EGP 5.84 billion or EGP 13.98 per share.

e-finance previously reported a consolidated net profit attributable to the parent company of EGP 278.83 million in the first half (H1) of 2021.

Founded in 2005, e-finance is the first fintech platform in Egypt and a leading digital payment infrastructures’ developer.

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