December 4, 2019 / 12:24 PM / 10 days ago

UPDATE 2-Rameda Pharmaceutical's share placement covered 1.17 times

(Adds public placement)

CAIRO, Dec 4 (Reuters) - A private share placement by Egypt’s Rameda Pharmaceutical on the Egyptian stock exchange was covered 1.17 times, the company said on Wednesday.

Rameda has offered 49% of its shares on the exchange in two tranches. A 5% stake was sold to small investors in a public offering, with the remainder offered to private investors.

The public offering was covered 36.3 times at 4.66 Egyptian pounds per share, Egyptian Exchange data showed on Wednesday.

The statement said large local and foreign financial institutions accounted for 75% of the orders in the private placement.

Rameda has offered 18.8 million shares to retail investors in Egypt and 357.8 million shares to institutional investors, all priced at 4.66 Egyptian pounds ($0.29) each, according to a statement it issued last week.

Rameda will have a capital of 3.6 billion pounds once the initial public offering is completed.

$1 = 16.0600 Egyptian pounds Reporting by Ehab Farouk; Writing by Aidan Lewis; Editing by Mark Potter and Louise Heavens

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