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Thursday, 19 May 2016

Mansour-Maghraby sell around 4% of Crédit Agricole Egypt for EGP 257 mn

Renaissance Capital concluded an EGP 257 mn accelerated book build of Crédit Agricole Egypt shares on the EGX on behalf of Mansour-Maghraby Investment and Development (MMID), according to an emailed statement. MMID sold 11 mn shares at EGP 23 per share, representing around 4% of the company’s share capital, but it “continues to be a significant shareholder in Crédit Agricole Egypt.” Renaissance Capital says the “issue [was] significantly oversubscribed [with] substantial participation from foreign investors from Europe, Africa and the US.” Reuters’ Arabic service notes that MMID controlled 7.86% of the bank’s shares prior to the sale and cites unnamed sources as telling it the buyers are a foreign and domestic investment funds, including Deutsche Bank. Renaissance Capital was sole bookrunner for the transaction; CI Capital was the executing broker. The transaction is Rencap’s first in Egypt, said Ahmed Badr, the outfit’s CEO for MENA, who noted, “we remain optimistic about Egypt’s economy, which is expected to grow by 3.3% in 2016 and become one of Africa’s fastest-growing economies.”

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