Cairo – Mubasher: The board of EFG Holding Company approved the listing of U Consumer Finance (Valu) on the Egyptian Exchange (EGX), according to a press release.
EFG Holding, which owns 20.48% of U's capital directly, highlighted that the distribution will be based on the book value of U's shares and will be made pro-rata to the ownership of all EFG Holding shareholders.
Each shareholder will receive shares in U at book value and will have the right to trade them on the EGX at U's market price after the commencement of trading.
Following the transaction and trading procedures, EFG Holding will retain at least a 67% indirect stake in Valu through its subsidiaries.
Karim Awad, Group CEO of EFG Holding, said: "This pivotal step is designed to maximize returns for our investors while fostering the sustainable growth of Valu, which is poised to emerge as an independent, listed entity with EFG Holding retaining a majority stake.”
“By distributing part of Valu’s shares, we are establishing a new and innovative standard for offering shares in subsidiaries, enhancing liquidity, and expanding our investor base,” Awad highlighted.
Walid Hassouna, CEO of Valu, mentioned: "We firmly believe that financial empowerment begins with ensuring seamless access to financial services for all. This achievement stands as a testament to the trust our customers place in us, the unwavering dedication of our team, and the ongoing support from our partners.”
