Egypt looking to sell $500mln minority stake in Banque du Caire

The plan is to go with the IPO by mid-April

  
People stand in the line to make withdrawals outside Cairo Bank in downtown Cairo February 6, 2011.

People stand in the line to make withdrawals outside Cairo Bank in downtown Cairo February 6, 2011.

REUTERS/Amr Dalsh

Cairo – Mubasher: Egypt is looking to float a minority stake in state-run Banque du Caire in an initial public offering (IPO) in April, the bank’s chairman Tarek Fayed told Reuters.

“Our plan is to go with the IPO by mid-April, but it depends on the market conditions,” Tarek added in an interview with the international news agency on Tuesday.

The sale is expected to raise nearly $500 million provided that the impact of the new coronavirus (COVID-19) doesn't dampen investor interest, he pointed out.

“The programme allows us to go up to 45%. But the main objective is to raise funds in the vicinity of $500 million. So if we translate the $500 million into a percentage this could leave us in the range of 20% to 30% of the float of the bank’s ownership,” he noted.

Fayed revealed that he held discussions with several anchor investors, noting that $50 million to $75 million in shares might be sold to them.

Source: Mubasher

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