MOPCO to IPO after Eid? The partial float of 4.5% of the Misr Fertilizer Production Company (MOPCO) is likely to take place in two weeks following the Eid break and could happen earlier, said EGX head Mohamed Omran, according to Al Borsa. The government had set a target date of December and January to begin floating shares in state-owned businesses in the banking and energy sectors, with MOPCO and Banque du Caire being the first to go. The Egyptian Financial Supervisory Authority had approved in July the FV report of MOPCO’s shares which puts the fair value of the share at EGP 52.18. There is no word on who will be advising on the IPO, but EFG Hermes was considered the likely candidate, as we noted last month. The news came as MOPCO reported yesterday a consolidated net profit of EGP 404.18 mn in 1H2016, a more than 3x rise from EGP 128.07 mn in the same period of last year.

Meanwhile, the state will retain a minimum of 51% of Banque du Caire’s shares after the bank is listed on the EGX, sources told Al Mal. The original plan was to list just 20% of the bank’s shares, but sources close to the bank said the state is willing to list a larger stake as long as the state retains managerial control. Investment Minister Dalia Khorshid said the first wave of listing public sector companies on the EGX will include petroleum sector companies and banks.

Everyone in the world with an investment banking license wants to advise on the Banque du Caire transaction: EFG Hermes and CI Capital have reportedly already submitted bids, while Pharos Holding, Beltone Financial, HC, and Pioneers are still preparing to throw their hats in the ring. International players said to be interested include HSBC, Morgan Stanley, and Deutsche Bank.