U Consumer Finance S.A.E., Known Under the Trademark of 'Valu', Announces its Intention to Float on The Egyptian Exchange
U Consumer Finance S.A.E. ('Valu'), the leading universal financial technology powerhouse in Egypt, announced today its intention to proceed with the trading of its shares on the Egyptian Exchange (the 'EGX'), following the completion of an in-kind dividend distribution* by EFG Holding S.A.E. ('EFG Holding') (the 'Dividend Distribution'). Valu was listed on the EGX on 21 May 2025 (the 'Listing,' and together with the Dividend Distribution, the 'Transaction'). Valu's shares will be admitted to trading on the EGX following registration with the Egyptian Financial Regulatory Authority (the 'FRA'), the completion of the Dividend Distribution and the ratification of the trading disclosure report by the FRA**.
The Dividend Distribution was approved by the Ordinary General Assembly meeting of the shareholders of EFG Holding on 24 May 2025 (the 'OGM'). The OGM approved the utilization of EGP 335,322,346 out of the distributable retained earnings of EFG Holding, which figure is based on the financial statements of EFG Holding for the financial year ending on 31 December 2024, for the purposes of an in-kind dividend distribution (in lieu of a cash dividend distribution) to the shareholders of EFG Holding, in the form of shares in the share capital of Valu, which shares represent 20.488% of the share capital of Valu.
The Dividend Distribution is based on Valu's book value according to the consolidated financial statements for the financial year ending on 31 December 2024. The ratio of the number of Valu shares that will be allocated to the shareholders of EFG Holding is 1 Valu share per 3.3273 EFG Holding shares (with fractional shares allocated to minority shareholders).
As announced earlier today, EFG Holding has determined that the record date is set on 12 June 2025, for the owners of shares of EFG Holding and the purchasers of shares of EFG Holding, as of the end of the trading session held on the Thursday 12 June 2025, which accordingly will become direct shareholders in Valu, after completing the necessary procedures.
The commencement of trading on the Valu shares on the EGX is expected to take place during the week commencing on 22 June 2025, subject to receipt of the relevant regulatory approvals.
Valu and EFG Holding engaged EFG Hermes Promoting and Underwriting S.A.E. to act as sole financial advisor in connection with the Transaction, and Zulficar & Partners to act as legal counsel. EFG Holding also engaged Gibson, Dunn & Crutcher LLP to act as legal counsel to EFG Holding in connection with the international aspects of the Transaction.
Commenting on the Listing, Walid Hassouna, Valu's Chief Executive Officer, said: "This listing marks a significant milestone in Valu's journey, and is a testament to the disruptive and positive impact we have made in the market as one of the leading fintech players in the MENA region and Egypt's leading fintech platform. With the full backing of our parent EFG Holding, we're unlocking new value for our customers and shareholders, and accelerating our mission to democratize access to finance in the region.'
*An in-kind dividend is a non-cash payout of assets to shareholders, often used for distributing securities, property, or other assets instead of cash.
**Please note that the trading disclosure report has not been ratified by the FRA yet.
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