Egyptian fintech MNT-Halan said it planned to offer 320 million shares on the Egyptian Exchange, representing 20% of its issued capital. The sale would combine a private placement with a public offering in Egypt. The company expects to complete the transaction in October, subject to market conditions and the required regulatory approvals.
The planned flotation follows the Egyptian Exchange Listing Committee’s 14 September approval for a temporary listing of MNT Tech Holding for Financial Investments. The registered issued capital is EGP160 million, divided into 1.6 billion shares with a nominal value of EGP0.10 each. The shares were added to the exchange database under the non-banking financial services sector, but trading remains conditional on completing the offering and final-listing requirements.
OFFER STRUCTURE AND REGULATORY STEPS
MNT Investments B.V., the principal shareholder, would sell the 320 million shares. Zawya reported that the offering could be increased to as many as 400 million shares, or 25% of issued capital. The final offer price is due to be set through a book-building process.
The private placement is aimed at institutional investors in Egypt and selected international markets, alongside a public offering to retail investors in Egypt. The selling shareholder also plans to sell about 24.3 million shares to senior management before trading begins, subject to approval.
OPERATING SCALE AND NEXT MILESTONE
MNT-Halan said it had disbursed about EGP178 billion of loans since inception. It reported around 1.9 million active customers and a gross loan book of approximately EGP46.7 billion at the end of June. The wider group reached a $1.4 billion valuation in June on the first close of a funding round led by Al Ahly Capital, EnterpriseAM reported.
EFG Hermes and Citi are joint global coordinators and joint bookrunners on the offering. Under the temporary listing, MNT Tech has six months to complete the offering and meet the conditions for final listing.