02 February 2017
Egypt’s third biggest bank, state-owned Banque du Caire has officially requested to have its shares be listed on the local stock market, the bourse said in a statement on Wednesday.
The bank has 2.25 billion Egyptian pounds ($119.17 million) in capital distributed over 562.5 million shares at a nominal value of 4 pounds per share, it said.
The bank will list on the stock market next week and undergo an initial public offering (IPO) by the first half of this year, market sources later told Reuters, describing it as the biggest stock offering since 2010.
EFG-Hermes and HSBC had been selected as consultants for the initial public offer.
Earlier, Central Bank Governor Tarek Amer had said in March that the government plans to offer 20 percent of Banque du Caire as well as a 40 percent stake in the Arab African International Bank (AAIB), in which the central bank owns a stake.
© Amwal Alghad 2017