Launching the Debut of United Bank’s Shares Trading .. Governor of the Central Bank of Egypt, Chairman of the Egyptian Exchange, and Top Management of the United Bank Inaugurate the Trading Session with a “Ring-the-Bell” Ceremony
10/12/2024
Launching the Debut of The United Bank’s Shares Trading .. Governor of The Central Bank of Egypt, Chairman of the Egyptian Exchange, and The United Bank top management inaugurated the Trading Session and “Ring-the-Bell” Ceremony
Hassan Abdalla - Governor of The Central Bank of Egypt
· The United Bank’s share offering is a strategic step and a landmark turning point in the Egyptian market.
· UB’s shares will strongly influence The Egyptian Exchange and The Stock market.
Ahmed El Sheikh- President of The Egyptian stock
· UB stocks flotation attracted significant coverage, which reflects keenness to underwriting, new flotations, and an increasing trust in The Egyptian Stock market.
· The stock offering process is regarded as a distinctive professional accomplishment for all the system participated factors.
Ashraf El-Kady - Chief Executive Officer and Managing Director, The United Bank
· UB stock offering in the Egyptian exchange is considered as a pivotal point in UB’s history since its establishment in 2006.
· Working within strategic framework aims to expand in the local market and provides digital and banking products that meet customers’ present and future needs.
Cairo: 10th of December 2024
The United Bank (S.A.E), one of the Egyptian pioneer banks that provides variable set of traditional and Islamic banking services, has announces earlier today, the commencement of stock trading in the Egyptian Exchange under the symbol (UBEE.CA) with a “Bell-Ring” ceremony at 10:00 am, with a launch price of “13.85” L.E for “IPO price” share.
The ceremony happened in the presence of Hassan Abdalla - The Governor of The Central Bank of Egypt, Ahmed El Sheikh- President of The Egyptian Stock, Ramy Abou El-Nagga- Deputy of Governor CBE, Tarek ElKholy- Deputy of Governor CBE, Heba ElSerafy- Deputy President of The Egyptian Stock, Omar Mehhana – UB Chairman, Ashraf El- Kady- UB’s CEO, Top Management of UB, Deputy of Chairman, CI Capital Holding for Financial Investments, Hesham Gohar- Executive President, CI Capital, Amr Helal- Executive President of The Investment Bank for CI Capital Holding, Hany Nasif- Partner of Paker MaKenzie. In addition to prominent banking and economists figures. Along with CBE’s team, Egyptian Exchange team, UB team, CI Capital Holding team, and Paker MaKenzie.
Hassan Abdallah- Governor of CBE, pointed out that “ UB flotation in the Egyptian Stock Exchange is a strategic decision aims to support UB sustainable future growth plans, boosting its position in the local and international market. As well as, it contributes into revitalizing the Stock Exchange, especially the banking sector, which has not witnessed new stock offering since 25 years. The thing that will positively reflect on the stock Exchange. Furthermore, expanding the common ownership of UB”.
He expressed his confident in the Egyptian stock market ability to attract investments. Pointing out that CBE targets to achieve stability, creating a motivating investment environment, and encouraging the private sector to play its primary role according to national economy mechanisms, through banking and monetary policies.
Ahmed El-Sheikh- President of Egyptian Stock Exchange, stated that the flotation of UB stocks attracted significant coverage, which reflects sharp keenness to underwriting and new flotations, and deep confident in the Egyptian stock market, plus, the ability of the Egyptian Stock Exchange to contain all new IPOs and stock flotations, either governmental or private sector. The Special Offer for Eligible Investors was covered 6 times. While the Public Offer was covered around 59 times with an allotment 1.7%. He added that UB flotation is considered a new beginning since 25 years, we hope this inauguration will challenge more up-coming stock flotations.
He describes the speediness of process procedures as “A distinctive professional accomplishment for all the system participated”. He mentioned that UB offering process has witnessed a continual development in the offering operational procedures, represented in allowing all brokerage companies to participate in the offering through a technological infrastructure of the Egyptian Stock Exchange using OPR system. As well as, enabling all reimbursement of surplus funds to the offering- clients the next morning because of the expiration of the period of receipt of orders and closing the OPR.
Ashraf El Kady- UB President and Managing Director said; “We are witnessing today a pivotal point in UB’s history since its establishment in 2006, and through the last 18 years, UB has managed to achieve a record full of success and achievements”. Pointing out that UB’s team, professionally provides high- quality distinctive services. Working within an effective governance and internal audit frameworks. In addition to, maximizing the sustainable value of shareholders and continuing working to achieve sustainable growth.
Adding that UB enjoys an excellent position qualifies it to achieve its goals, using its powerful financial position. Along with an integrated set of traditional and complied with sharia provisions services and products. As well as, digital and technological infrastructure.
He assured “We are looking forward to continue serving our clients and expand our operations. Furthermore, getting use of the promising opportunities in the Egyptian market and the banking sector, taking consideration of digital transformation and financial inclusion”. He added, “The offering reflects our commitment to enhance transparency and expanding the base of shareholders, which represents an opportunity to grow and make an added value for all stock holders and partners, either the present ones or the future ones.”
An overview of the offering process:
The bank applied for registration on the 16th of October 2024, and then by the 23rd of October 2024, the Registration Committee of the Egyptian Stock Exchange approved an initial enrollment of UB (S.A.E) shares. By 17th of November 2024, the Public Authority for Financial Regulations approved enrolling UB (S.A.E) in the authority and offering a number of 330 million shares representing 30% of UB shares. With a price range starting from 12.7 L.E. to 15.6 L.E for the share. A number of 313.500.000 shares representing 95% of the total of the offered shares were for the offering segment of financial institutions, individuals and experienced solvent entities, starting from 20/11/2024 to 25/11/2024. The special OPI was covered by 6 times, and the final offering price of UB (S.A.E) share was 13.85 L.E. Whilw the public offering for the public to a number of 16.500.000 shares representing 5% of the total offered shares through 27/11/2024 to 3/12/2024, and the public offering was covered by almost 59%.
CI Capital is promoting the OPI coverage in the financial securities (S.A.E.) as the Offering Manager. Helmy& Hamza Partners for Legal Consultations Peccer MaCcnzy in Cairo is the legal consultant of the offering.
An Overview of UB:
UB is distinctive by its wide integrated range of traditional and complied with sharia provisions products, targeting all cliental segment from different sectors, through an effective working model, with full compliance to the use of the latest developed technologies. UB got many award. UB provides its clients with variable packages of Islamic products through its branches and its digital channels. UB is one of the 14 banks authorized to practice Islamic banking.
UB has a network of 68 branches; all of them are in strategic locations in 15 governorates. In addition to, a number of 225 ATMs, supported by a distinctive work team of around 1750.
UB (S.A.E) has an affiliated company United Finance (S.A.E), with an equity of almost 87.5%. It is regarded as the non- banking arm of UB. It got its license from the Public Authority of Financial Regulations to practice:
1- Financial leasing and factoring
2- Mortgage
3- In addition to, operating lease license.
End.
