The Securities Listing Committee of the Egyptian Exchange (EGX) has mandated that United Bank must adhere to clauses 1, 2, and 3 of Article 7 of the listing rules. The bank is required to complete the registration procedures with the Financial Regulatory Authority (FRA) as per the guidelines set by the Authority’s Board of Directors. United Bank must submit the necessary documentation to the EGX and execute the offering of its shares within six months from the date of its temporary listing.
The Securities Listing Committee approved the temporary listing of United Bank’s shares in the Egyptian Securities Listing Schedule, with an issued and paid-up capital of EGP 5.5bn, distributed over 1.1 billion shares, with a nominal value of EGP 5 per share, represented in seven issuances.
According to a EGX statement, the bank’s shares were listed on the EGX database in the banking sector as of 24 October
In all cases, the bank’s shares cannot be dealt during the period from the date of temporary listing until the start of trading on these shares except with the approval of the Authority. The temporary listing is considered null and void if the bank does not implement the offering of its shares and fulfilled the conditions and requirements of listing within six months from the date of listing.
This period may be extended with the approval of the Authority in cases it deems appropriate based on the justifications and time plan submitted by the bank, provided that the bank adheres throughout the temporary listing period to the obligations stipulated in clauses 1 to 4 of Article 48 of these rules.
EGX stressed the importance of each major shareholder to keep no less than 51% of the shares owned by them in the bank’s capital if available. If the total shares retained accordingly are less than 25% of the bank’s issued capital shares, the 25% percentage shall be completed by the contributions of the members of the Board of Directors and founders of the bank or other shareholders of the ban for no less than 24 months.
