Banque du Caire IPO will not take place before 4Q2018
IPO WATCH- Banque du Caire IPO will not take place before 4Q2018: “We expect to finalize the initial public offering of Banque du Caire in the fourth quarter of 2018 — not before that,” our friend Banque Misr Vice Chairman Akef El Maghraby tells Bloomberg in an interview. He added that the bank would retain a controlling interest.
The IPO is part of Banque Misr’s plan to raise EGP 10 bn from the sale of its stake in a number of other companies, including Cairo Amman bank. Banque Misr is in preliminary talks to sell its 10.78% stake in Cairo Amman Bank, with an eye to completing the transaction by the end of the year, he added. The bank hopes to raise EGP 1 bn from the sale of the four companies, which include its 2% stake in Saudi Arabia’s Samba Financial Group. Samba Capital has been retained as the adviser in the deal. El Maghraby declined to name the other three companies.