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Renaissance Capital completes first equity placement on Egyptian Stock Exchange
Renaissance Capital acted as the sole bookrunner for the deal. CI Capital was the executing broker. El Mansour & El Maghraby Investment and Development Company (MMID) sold 11 million shares in Crédit Agricole Egypt, representing around four per cent of the company’s share capital. Following the placement, MMID continues to be a significant shareholder in Crédit Agricole Egypt. The share placement was executed at top of the price range at EGP 23 per share, with the issue being significantly oversubscribed and substantial participation from foreign investors from Europe, Africa and the U.S.
Ahmed Badr, Chief Executive Officer of Renaissance Capital MENA, said, “This equity placement is Renaissance Capital’s first executed capital markets deal in Egypt. We are very pleased to have worked with El Mansour & El Maghraby Investment and Development Company to represent them on this successful transaction. As we continue to strengthen our Pan-African offering, we remain optimistic about Egypt’s economy, which is expected to grow by 3.3 per cent in 2016 and become one of Africa’s fastest-growing economies.”
Source: CPI Financial