EFG Hermes and Saudi Fransi Capital Successfully Lead the Execution of an Accelerated Bookbuilding Exercise to Sell 21% Stake in Theeb Rent a Car
EFG Hermes and Saudi Fransi Capital (“SFC”) have successfully acted as joint bookrunners and brokers to Growth Opportunities Company for Trading, completing the sale of itsentire stake in Theeb Rent a Car, through an accelerated equity offering (the “Transaction”).
The total number of shares offered and sold were 9,030,000 shares, representing 21% of Theeb Rent a Car’s outstanding shares. The stake was offered to a group of institutional investors, and was ultimately executed through 19 block trades at a price per share of SAR 53, corresponding to a Transaction value of SAR 478,590,000.
Post the completion of the sale, Theeb’sfreefloat shares as percentage of outstanding shares has increased to 63.45%, with the remaining 36.55% being held by other substantial shareholders.
Mr.Salam AlKhunaizi, CEO of SFC, said “having led Theeb’s successful IPO in March of this year, we are pleased today to announce the successful and smooth execution of this landmark Transaction, which showcases the joint bookrunners’ capabilities to execute large equity transactions at attractive terms and in a timely manner. The deal also showcases the viability of accelerated bookbuildings as a reliable exit mechanism for institutional investors wishing to re-allocate wealth in today’s evolving equity capital markets. We thank all stakeholders involved for their support in this Transaction”
Mr. Mohamed Fahmi, EFG Hermes’ Co-Head of Investment Banking, said “We’re honored to continue our journey with Theeb Rent a Car and its shareholders, after having assisted the company list via IPO earlier in 2021. This transaction highlights not only the strengths of the company, but of the Saudi equity capital markets as well.”
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About EFG Hermes Holding
With a current footprint spanning thirteen countries across four continents, EFG Hermes Holding S.A.E (EGX: HRHO.CA – LSE: EFGD) started in Egypt and has grown over 37 years of success to become the first universal bank in Egypt with a leading investment banking platform with access to emerging and frontier markets. Drawing on our proven track-record and a diverse team of talented employees, we provide a wide spectrum of financial services that include advisory, asset management, securities brokerage, research and private equity to the entire MENA region.
In 2015, EFG Hermes launched its Non-Bank Financial Institutions (NBFI) Platform, which overlooks activities in the non-banking finance field covering microfinance, leasing, factoring, Buy-Now Pay-Later (BNPL), mortgage and insurance. This falls in line with the Firm’s strategy to focus on two main pillars: product diversification and geographic expansion into non-MENA markets, which has seen the Firm establish a physical presence in Pakistan, Bangladesh, Vietnam, Kenya, Nigeria, the United Kingdom and the United States. In 2021, the firm acquired a controlling stake in aiBANK allowing the Firm to transform into a universal bank in Egypt.
About Saudi Fransi Capital
Saudi Fransi Capital is a leading financial services provider offering investment banking, asset management, debt and equity research, institutional sales and trading, and local and international brokerage. It is headquartered in Riyadh and have locations around the Kingdom of Saudi Arabia. Saudi Fransi Capital is the investment arm of Banque Saudi Fransi, where it was trademarked with a paid up capital of 500 million Saudi riyals as a closed joint stock company in the Kingdom of Saudi Arabia. It is licensed by the Capital Market Authority to conduct the full range of investment activities including dealing, arranging, managing, advising, and custody of securities business.
