We are pleased to announce that Matouk Bassiouny & Hennawy (“MBH”) acted as the lead legal counsel to Act Financial in connection with completing its EGP 1.04 billion IPO,marking the first offering to occur in the Egyptian stock market since 2022, resulting in over 20 oversubscriptions for private placement offerings on the EGX, one of the highest in the last 15 years.

The offering constituted a primary offering of 360,000,000 new shares, representing 47% of Act Financial’s share capital before the capital increase of 765,685,992 shares, and 32% of its share capital, a post-capital increase of 1,125,685,992 shares at EGP 2.9 per share. The offering was released in two tranches; a Private Placement where a total of 83% of shares (300,000,000) were allocated to qualified investors and institutions, and a Public Placement where the remaining 17% of shares (60,000,000) were allocated to individual investors. This marks the first time where a private and public placement was conducted via OPR in EGX history.

The public placement garnered intense demand and was oversubscribed approximately 55 times through over 20,000 subscribers, being one of the highest in years.

The team advising on the matter was led by Mohamed Abdel Fattah (Partner and Head of Capital Markets), Mohamed Galal (Counsel), Khaled Abdelwahab (Senior Associate), and Mohamed Abdel Mageed (Associate)

 For more about Matouk Bassiouny, check out our website at https://matoukbassiouny.com/.

 

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