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Monday, 7 August 2017

State leaning towards appointing White & Case as legal advisers on IPO program

IPO WATCH- NI Capital, the government’s investment bank and shot-caller on the new privatization drive, is reportedly leaning towards selecting international law firm White & Case to be its legal adviser on the program to list state-owned companies, government sources tell Al Borsa. White & Case would be contractually barred from bidding for mandates to advise on individual listings.

Separately, PricewaterhouseCoopers was selected as state energy company Enppi’s auditor ahead of its IPO. NI Capital has apparently yet to decide on how much of the company to list. Talks on that front are ongoing with appointed lead managers and bookrunners CI Capital, Jefferies and Emirates NBD Capital. The state had been saying that it would list up to 24% of the company since last month.

Meanwhile, the listing of up to 49% of Banque du Caire on the EGX may be further away than originally expected, Al Borsa claims, citing unnamed government officials. The bank has reportedly asked the EGX, which approved its initial public offering in February, for a six-month extension on its listing deadline that expires today, according to the newspaper. The process is pending a shakeup in the boards of directors of public banks, the sources explain, noting that Banque du Caire’s new leadership will be key to promoting the offer that was originally planned for 1H2017. EFG Hermes and HSBC are managing the issuance, while Baker McKenzie are legal advisors.

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