The private offering of The United Bank on the Egyptian Exchange (EGX) has been 1.06 times covered on its first day, anonymous sources in the know told Asharq Business.

The bank initiated the private placement on November 20th, which will remain open for subscriptions for five days.

Meanwhile, the public offering will be open for subscriptions from November 27th until December 3rd.

The Financial Regulatory Authority (FRA) previously approved the prospectus for the public and private offerings of The United Bank shares and decided to register the bank’s capital shares.

Around 330 million shares, representing 30% of the bank’s total issued capital of 1.1 billion shares, will be offered at a price range between EGP 12.7 and EGP 15.6 per share.

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