Banque du Caire eyes floating 30% stake on EGX in 2019

Cairo – Mubasher: Banque du Caire is looking to offer up to 30% of it capital on the Egyptian Exchange (EGX) in early 2019 within the framework of the government initial public offerings (IPOs) programme.

The bank will float the stake on the EGX following the completion of its restructuring plan, a top official at the bank told Enterprise.

In April, Central Bank of Egypt (CBE) governor Tarek Amer forecast that the bank would launch an IPO sometime towards the end of 2018 or early 2019.

The offering is a part of Banque Misr's plan, which holds 100% of Banque du Caire, to raise EGP 10 billion in proceeds from selling stakes in a number of other companies.

In March, the Ministry of Finance (MOF) said it was planning to offer up to 23 state-owned companies on the Egyptian bourse at a total value of EGP 80 billion as part of the first phase of the government's IPOs programme, which aims to raise the EGX’s market capital as well as boost daily trading volume.

Mubasher Contribution Time: 30-Aug-2018 08:33 (GMT)
Mubasher Last Update Time: 30-Aug-2018 10:38 (GMT)