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Wednesday, 5 October 2016

Government narrows list of candidates for Banque Du Caire IPO

GOV’T ZEROES IN ON ADVISERS FOR BANQUE DU CAIRE IPO: The Ismail government is actively seeking financial advisers for a possible IPO of Banque du Caire, El Watan reports. BdC subsidiary Misr Financial Investments Company (MFIC) is charged with managing the selection and has narrowed it down to four candidates:

  • Pharos + Deutsche Bank
  • EFG Hermes + HSBC
  • CI Capital
  • Morgan Stanley

The newspaper cites unnamed industry sources as saying EFG Hermes (whether in a in partnership with a global institution or alone) is favoured by a committee charged with managing the IPO with representatives from the central bank, the Finance Ministry, BdC and MFIC. It is yet unclear how big the stake in the bank will be on offer, but as we noted earlier, the state will be looking to retain a minimum 51% ownership stake. Banque du Caire is expected to be part of the first wave of state-owned companies up for IPO as early as 1H2017.

And while we’re on IPOs, Obour Land has selected Grant Thornton to conduct the fair value report ahead of its planned IPO, which according to Matouk Bassiouny’s head of capital markets Mohamed Abdel Fattah will take place before the year is out, Al Borsa reports.

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