Egypt's Banque du Caire to offer 40% stake early 2020

The offering’s value may amount to $400mln

  
A trader reacts next to a stock index board at the Egyptian Stock Exchange in Cairo August 11, 2011.

A trader reacts next to a stock index board at the Egyptian Stock Exchange in Cairo August 11, 2011.

REUTERS/Amr Abdallah Dalsh

Cairo – Banque du Caire is expected to offer 30%-40% of its shares on the Egyptian Exchange by the end of 2019 or the beginning of 2020, chairman Tarek Fayed said.

The offering’s value may range from $300 million to $400 million, the top official stated on Tuesday.

Fayed noted that the offering is aimed at enlarging the bank’s capital base for further expansion.

Banque Du Caire’s credit portfolio reached EGP 77 billion during the first half of 2019, Fayed said in a press conference.

Source: Mubasher

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