Arab Finance: MNT Tech Holding for Financial Investments' board of directors has approved raising its issued capital to EGP 176.33 million from EGP 160 million, according to a disclosure submitted to the Egyptian Exchange (EGX).

The capital will be increased by EGP 16.326 million through issuing nearly 163.265 million shares at a price of EGP 24.50 per share.

Subscription to the capital hike will be restricted to MNT Investments B.V., the company’s main shareholder, which is selling part of its existing stake through the offering and has expressed its intention to subscribe to the new shares at that price.

Earlier this month, MNT-Halan celebrated the commencement of trading in its shares on the EGX under the ticker symbol HALN.CA after attracting strong investor demand for its initial public offering (IPO).

The IPO attracted strong demand from both institutional and retail investors. The private tranche was oversubscribed to 11.2x and 19.4x, excluding cornerstone investors. Meanwhile, the public tranche was oversubscribed to 43.6x, attracting more than 41,500 subscription orders.

It involved a secondary offering of 320 million ordinary shares by MNT Investments B.V., accounting for 20% of MNT-Halan’s issued share capital. Of these, 272 million shares were allocated to the Private Tranche and 48 million to the public tranche.

MNT-Halan is a company operating in Egypt’s non-banking financial services sector. Established in 2017, the company aims to enhance access to financial services through technology and provides convenient, seamless, and cost-effective digital financial solutions for individuals and aspiring businesses.