Riyadh 04 Dec 2024:
EFG Hermes, an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA), announced today that it has successfully advised United Electronics Co (eXtra) on the SAR 990 million (USD 264 million) initial public offering (IPO) of its subsidiary United International Holding Company (UIHC) on the Saudi Exchange. UIHC offered 7.5 million ordinary shares, representing 30% of its total issued share capital.
The IPO drew in three prominent cornerstone investors—Zamil Group Investment Company, A.K. Al Muhaidib & Sons Company, and Tawuniya—who contributed to the transaction pricing at the top end of the range, or SAR 132 per share. Other institutional orders amounted to demand of c. SAR 131 billion (USD 35 billion), representing oversubscription levels of 132 times.
Saud Altassan, CEO of EFG Hermes KSA, commented on the transaction, “We are proud to have supported UIHC’s journey to becoming a publicly listed company on the Saudi Exchange. This IPO marks a major milestone as our 15th successful public offering in the Saudi market, underscoring our steadfast commitment to the Kingdom’s dynamic capital markets. It reflects not only the strength of UIHC’s growth story but also the confidence investors have in the opportunities within Saudi Arabia. At EFG Hermes, we are dedicated to fostering long-term partnerships and driving value creation, and this achievement further cements our position as a trusted advisor in one of the region’s most vibrant economies.”
Karim Meleka, Co-Head of Investment Banking at EFG Hermes, added, “UIHC’s decision to pursue an IPO marks a significant milestone for the company and its parent, eXtra. It reflects the evolving financial landscape in Saudi Arabia that continues to present opportunities for value maximization and realization. As advisors, we are thrilled to have guided UIHC through this transformative journey.”
EFG Hermes served as Joint Bookrunner and Joint Underwriter on the transaction.
About EFG Holding
EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a trailblazing financial institution that boasts a remarkable 40-year legacy of success in eight countries spanning two continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (Bank NXT) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes. EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers an extensive array of financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a small and microfinance player, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a universal financial technology powerhouse, PayTabs Egypt, a digital payment platform, as well as Bedaya for mortgage finance and Kaf for insurance as well as Fatura, a technology-backed B2B marketplace. Furthermore, the company delivers commercial banking solutions through Bank NXT, a leading provider of integrated retail, corporate, and Islamic banking products in Egypt.
Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Bahrain | Pakistan | Kenya | Nigeria |
