By: Hady El-Essawy
Cairo – Mubasher: The offering of Act Financial has registered a great demand from investors, said Mustafa El-Shenety, Head of the Investment Banking Sector at Zilla Capital, the manager of the initial public offering (IPO).
In exclusive statements to Mubasher, El-Shenety expected that the coming period would witness an increase in IPO activity in Egypt with the stability of the currency exchange and politics.
On the sidelines of the Act Financial IPO Conference, Zilla Capital added that the acquisition of Elsewedy Electric will support momentum on liquidity in the Egyptian Exchange (EGX), pushing the stock exchange to grow.
The official highlighted that the proceeds from ACT Financial’s offering of EGP 1.04 billion will be directed to invest in three EGX-listed companies.
These companies have strong financial solvency and achieve good returns for investors, with promising growth opportunities, which will drive Act Financial’s investment vision.
On his part, Managing Partner Mostafa Abdelaziz unveiled the company’s plans to acquire stakes in real estate, healthcare, and logistics entities.
Last June, MubasherTrade Research set the fair value (FV) of Act Financial at a range between EGP 3.44 per share and EGP 6.69 per share.
