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Arab Finance: The initial public offering (IPO) of Banque du Caire has been delayed again, with investor roadshows pushed to September or October, Hashem El Sayed, assistant prime minister and head of the State-Owned Companies Unit, told EnterpriseAM.
The bank is expected to float its shares on the Egyptian Exchange (EGX) by the end of this year, instead of the end of June as previously announced.
Investment banks managing the IPO requested the pause to expand the investor pool during the summer market lull.
El Sayed highlighted that the regulatory and fair value work is completed, with the prospectus now finalized and submitted to Banque Misr, which owns Banque du Caire, and the Central Bank of Egypt (CBE) for review.
The lender tapped EFG Hermes and CI Capital as joint bookrunners and advisors for the transaction.
Meanwhile, the stake size remains undisclosed, but El Sayed noted that the investment banks are debating a 30-40% slice.
Prime Minister Mostafa Madbouly recently directed companies approved for listing on the EGX to complete the sale of their designated stakes before the end of the year.
In April, the government announced preparations for its IPO program, which includes the planned listing of Misr Life Insurance Company before the end of June, followed by Banque du Caire in coordination with the CBE.
In a previous meeting with Madbouly, El Sayed noted that the government plans to list 20 companies affiliated with the Ministry of Public Business Sector on the EGX by the end of April. El Sayed also reviewed the status of the 40 companies to be transferred to the Sovereign Fund of Egypt (TSFE) as part of the government's efforts to optimize the utilization of state-owned assets.
