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Thursday, 9 February 2017

EGX approves listing Banque du Caire

The EGX has approved the listing of Banque du Caire’s shares on the EGX, the bourse said in a statement. As a prelude to an initial public offering, Banque du Caire will list 562.5 mn shares at par value of EGP 4 per share, giving it an initial market capitalization of EGP 2.25 bn. The bank has six months to complete its paperwork for listing and is required to issue a minimum of 10% of its shares within the same timeframe, an unnamed official tells Al Masry Al Youm. We had also covered previous reports that the government was considering increasing the percentage of Banque du Caire shares set to be listed to 30% from an initial plan of 20% by issuing 10% of the bank’s shares as GDRs on the London Stock Exchange to “attract foreign investors.”

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