EBRD wants to buy into state-owned banks IPO
IPO WATCH- EBRD wants to buy IPO of state-owned banks: The European Bank for Reconstruction and Development (EBRD) is looking to acquire stakes in national banks that will list as part of the state IPO program, EBRD Managing Director for the Southern and Eastern Mediterranean Janet Heckman tells Egypt Today in an interview. The investments would help spur interest in the IPO program, Heckman says. She noted that the EBRD doesn’t usually acquire stakes over 25%. Heckman also confirmed prior statements by bank officials that the EBRD is planning to invest upwards of EUR 1 bn this year. As we noted last week, the IPO of Banque du Caire — the first state bank to list — won’t take place before 4Q2018.
We eagerly await the timeline for the program, which is expected to be announced this week, based on previous statements by Vice Minister of Finance Ahmed Kouchouk. Officials are nearing the end of their preparations for listing up to 24% of state energy firm Enppi, which is meant to kick off the program, according to Oil Minister Tarek El Molla. Enppi’s IPO has been slated for the end of 2018 after several postponements.