Egypt: valU to begin trading on EGX in June
Arab Finance: valU is intending to proceed with trading on the Egyptian Exchange (EGX) following the completion of an in-kind dividend distribution by EFG Holding, as per an emailed press release.
The Buy-Now, Pay-Later (BNPL) was listed on the EGX on May 21st, 2025. Trading on its shares is expected to begin on June 22nd.
Trading the shares is subject to registration with the Financial Regulatory Authority (FRA), completion of the in-kind distribution process, and the FRA's ratification of the trading disclosure report.
EFG Holding's ordinary general assembly (OGM) approved the dividend distribution on May 24th, allocating EGP 335.3 million from retained earnings, based on its book value per 2024 consolidated financial statements, for the distribution of valU shares to shareholders instead of a cash dividend.
The distributed shares represent 20.488% of valU's share capital.
Shareholders of EFG Holding will receive 1 valU share for every 3.3273 EFG Holding shares owned, with fractional shares allocated to minority shareholders.
The record date for determining eligible shareholders is set on June 12th, 2025.
EFG Hermes Promoting and Underwriting acted as sole financial advisor to valU and EFG Holding on the transaction. Zulficar & Partners served as local legal counsel, while Gibson, Dunn & Crutcher LLP advised EFG Holding on international legal matters.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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