Egypt’s Banque du Caire halts offering due to pandemic, says chairman

The state-owned bank had earlier announced a plan to sell a minority stake in an initial public offering starting mid-April 2020 in a sale worth about $500mln

  
A man walks in front of a branch of Banque Du Caire in Cairo, Egypt March 18, 2020.

A man walks in front of a branch of Banque Du Caire in Cairo, Egypt March 18, 2020.

REUTERS/Amr Abdallah Dalsh
 
RIYADH: Egypt’s Banque du Caire has delayed a share offering until financial markets stabilize and improve in the wake of the pandemic, said Chairman Tarek Fayed.


The state-owned bank had earlier announced a plan to sell a minority stake in an initial public offering (IPO) starting mid-April 2020 in a sale worth about $500 million, Reuters reported in March 2020.

Separately, the bank has more than tripled its portfolio of micro loans to reach 6 billion Egyptian pounds ($381.5 million), Fayed told Asharq Business.

Those loans were granted to about 250,000 clients, 35 percent of whom are women. About half of them were in Upper Egypt, 25 percent in Delta Alliance in the North and the rest in the remainder of the country.

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