Latest news with #WalidHassouna
Zawya
5 days ago
- Business
- Zawya
Valu expected to float shares on Egypt's EGX in June
Cairo – U Consumer Finance (Valu) intends to proceed with its plans to trade its shares on the Egyptian Exchange (EGX), according to a press release. Valu temporarily floated its shares on the EGX on 21 May 2025. Meanwhile, the company will officially list its shares following registration with the Egyptian Financial Regulatory Authority (FRA) and the completion of the dividend distribution. EFG Holding Company is giving its shareholders stock in Valu as a dividend, as the shareholders approved allocating EGP 335.32 million out of the company's distributable retained earnings. The ratio of the number of Valu shares that will be allocated to the shareholders of EFG Holding is 1 share in favor of every 3.32 shares. The EGX-listed group set the record date on Thursday, 12 June 2025. As of the end of the trading session, EFG Holding's shares owners and purchasers will become direct shareholders in Valu after completing the necessary procedures. Subject to regulatory approvals, Valu will commence trading its shares on the EGX on 22 June 2025. Valu and EFG Holding engaged EFG Hermes Promoting and Underwriting to act as the sole financial advisor for the transaction. Zulficar & Partners will serve as legal counsel, whereas Gibson, Dunn & Crutcher LLP will act as legal counsel to EFG Holding in connection with the international aspects of the transaction. Walid Hassouna, CEO of Valu, 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,' Hassouna added. Last March, EFG Holding's board members greenlighted the listing of Valu on EGX.
Egypt Today
5 days ago
- Business
- Egypt Today
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.
Zawya
25-03-2025
- Business
- Zawya
Egypt's 'Valu' to issue $19.8mln securitized bonds in Q2
Egypt's Valu is planning to issue securitized bonds with a value of around one billion Egyptian pounds ($19.8 million) in the second quarter of 2025, its CEO has said. The new bonds coincide with plans by the company to list its shares on Egypt's bourse in June. "We have securitized bonds coming up... we are awaiting approvals, which will take about a month or more... they are around one billion pounds... that's the rest of the current program," Walid Hassouna told Zawya. Valu is a subsidiary of EFG Holding, which this month announced its intention to list the firm directly on the Egyptian bourse, with the listing and trading expected to begin in June. Founded in 2017, Valu has a market share of around 24% and operates in the Egyptian market. It offers financial products to businesses and individuals including Buy Now Pay Later (BNPL) services. In August 2024, the company launched a securitized bond program totaling EGP 16 billion ($316 million) and has completed several issuances.
