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Monday, 6 February 2017

Banque du Caire to increase shares to be listed to 30% from the 20% planned, eyes GDRs

IPO WATCH- The government is reportedly considering increasing the percentage of Banque du Caire shares set to be listed to 30% from an initial plan of 20%, sources told Al Shorouk. The extra shares would be listed as GDRs in London to “attract foreign investors.” Banque du Caire had informed the EGX of its desire to list 562.5 mn shares at a par value of EGP 4 per share, giving it a market capitalization of EGP 2.25 bn. EFG Hermes and HSBC are managing the issuance and Baker & McKenzie are legal advisors.

In other news from capital markets: Local franchise The Bakery Shop (TBS) is looking to raise USD 30-40 mn to finance expansion plans, Al Mal reported. TBS hired EFG Hermes to manage the capital increase and is looking to add new shareholders. The chain currently operates 45 branches across Egypt with plans to add 10 new ones this year, Al Mal says. TBS, which began operations in 2008, also owns the Four Fat Ladies brand. The transaction has also been described as a possible IPO, so keep an eye on this one, folks.

Elsewhere this morning, the Union National Bank of Egypt has submitted documents to the EGX for an EGP 63.7 mn capital increase through issuing 11,375,000 shares at par value of EGP 5.6 per share. The capital increase brings the bank’s issued and paid-in capital to EGP 1.34 bn and will be financed from retained earnings. UNB Egypt is the local arm of Abu Dhabi-based Union National Bank.

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