Arab Finance: Egypt Education Platform (EEP) is getting ready to offer around 25% of its shares on the Egyptian Exchange (EGX), with the offering likely to take place in November, according to media reports citing informed sources.

As for the offering's procedures, the EGX listing committee has approved the temporary listing of EEP shares under the trading symbol (EEPM.CA) in the education services sector, with 199.375 million shares and issued capital of EGP 1.99375 billion, at a nominal value of EGP 10 per share.

The Financial Regulatory Authority (FRA) has approved the company's disclosure report on a planned reduction in the nominal value of its shares from EGP 10 to EGP 1, as well as a proposed increase in issued capital to EGP 2.60 billion. The planned capital increase of EGP 611.87 million will be financed through shareholders' credit balances.

The company must complete its final listing procedures, register with the FRA, and conduct the public and private offerings within six months of the temporary listing date, in accordance with applicable rules and deadlines.

Trading in the shares cannot begin until the offering and final listing procedures have been completed.

The anticipated offering would join several transactions moving toward the EGX. Egypt-based fintech company MNT-Halan has already begun its IPO process, while Egyptian lender Banque du Caire has announced its intention to offer 30% of its issued share capital on the EGX.

Established in 2018 under EFG Hermes’ education fund, EEP is backed by the Sovereign Fund of Egypt (TSFE), with UAE-based school operator GEMS Education holding a minority stake.