Credit Agricole intends to buy 60 million shares, equivalent to 4.8% of the shares of its Egyptian unit listed in stock market Tomorrow, Thursday, from local and international investment funds, which will raise its share to about 65%, according to sources in the money market who spoke to Al-Sharq.
The sources estimated the price of executing the deal between 6.23 and 7 pounds per share, so that the total value of the deal ranged between 374 and 420 million pounds.
close arrow Credit Agricole Egypt In the stock market at 6.20 pounds, down 1.4%, the bank’s capital is 5 billion pounds, distributed over 1.250 billion shares, with a nominal value of 4 pounds per share.
EFG Hermes is acting as the financial advisor and sole underwriter for the deal, according to the sources.
Credit Agricole International Bank owns about 60.4% of the shares of Credit Agricole Egypt directly and indirectly, and Rolaco AGB Investment Company 6.6%, and the rest of the shares are free to trade in the market between investors and investment funds, according to the bank’s data on its website.