The government is considering selling up to 49% Banque du Caire as part of the ongoing IPO process, Al Shorouk reports, citing unnamed “senior banking officials.” The offering will reportedly include an international offer to institutional investors (29%) and a domestic offer to retail investors on the EGX (15%), while 5% of the company’s shares would trade as global depositary receipts on the London Stock Exchange to “attract foreign investors,” Al Shorouk writes. Sources expect the IPO is on track for 1H17. Banque du Caire’s general assembly will meet early next month to approve the sale and ratify the bank’s financials. The EGX had approved last month the bank’s listing of 562.5 mn shares at par value of EGP 4 per share, giving it an initial market capitalization of EGP 2.25 bn. EFG Hermes and HSBC are managing the issuance, while Baker McKenzie are legal advisors.

Meanwhile, state-owned energy company Enppi will hold a general assembly on 26 March to approve going ahead of an IPO, government sources reportedly told Al Borsa. The story takes pains to point out that the sources suggest the vote is not simply a formality, but a crucial step in the IPO.