MNT-Halan has taken another step toward a potential stock market debut after the Egyptian Exchange (EGX) approved the temporary listing of 1.6 billion shares.
The EGX Listing Committee approved the shares, representing an issued capital of EGP 160 million. The securities, split between two issuances, have a nominal value of EGP 0.10 each.
The shares are being entered into the EGX database under the non-banking financial services sector, with the listing taking effect on September 15. Once trading officially starts, MNT-Halan will trade under the ticker HALN.CA.
The move comes after Egypt’s Financial Regulatory Authority (FRA) raised no objection to the proposed listing on September 13.
The temporary approval is subject to MNT-Halan completing its planned offering and satisfying all applicable listing requirements within six months. If those conditions are not met, the provisional listing will lapse. The FRA can, however, extend the period if it accepts the company’s reasons and proposed schedule.
The development adds momentum to MNT-Halan’s plans for an initial public offering on the Egyptian Exchange. Reports in June indicated that the financial technology company was preparing for an IPO that could place its valuation in the $900 million to $1 billion range.
The provisional share listing now gives the company a formal foothold in the EGX database as it works toward the next stages of the offering.
