The Egyptian Exchange (EGX) has instructed United Bank to comply with listing rules that state the 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.
An EGX statement confirmed that the bank’s shares were listed in the EGX database under the banking sector as of October 24, according to Daily News Egypt.
The Securities Listing Committee has approved the provisional listing of United Bank’s shares on EGX. This includes an issued and paid-up capital of EGP 5.5 billion, divided into 1.1 billion shares with a nominal value of EGP 5 per share, across seven issuances.
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.
The listing rules stress United Bank must provide the necessary documents to the EGX and complete its share offering within a six-month timeframe from its temporary listing date. However, trading of these shares is prohibited during the temporary listing period unless authorised by the Authority.
If the bank fails to meet the listing conditions and execute the share offering within six months, the temporary listing will become void, unless it is granted an extension.
