SNG: EGX unveils final price, coverage ratio for Bonyan’s private offering

About this update from Bonyan For Development And Trade

Staff WriterThe private placement of Bonyan for Development and Trade’s shares has been oversubscribed by 6.88 times, the Egyptian Exchange (EGX) announced.Moreover, the EGX noted that the final offering price has been set at EGP 4.96 per share.This came as disclosed by the issuing company in the Al Mal and Al Borsa newspapers on July 14th.Accordingly, the EGX has instructed all brokerage firms participating in the public offering to deposit at least 25% of the total value of shares they intend to purchase.Additionally, firms must adjust any previously recorded orders to reflect the final price of EGP 4.96 per share.It is worth noting that the company seeks to raise EGP 1.8 billion by offering 20% to 21.9% of its shares, about 362.903 million shares, according to its IPO prospectus.In his first exclusive interview following the initial public offering (IPO) subscription launch, Shamel Aboul Fadl, Executive Chairman of Bonyan, told Arab Finance that trading on Bonyan’s stock is expected to begin before the end of July.© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

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