International financial institutions looking at Banque du Caire IPO
IPO WATCH- Four international financial institutions are looking to buy stakes in Banque du Caire as soon as its IPO is announced, CEOTarek Fayed said on the sidelines of the Africa 2018 Forum in Sharm El Sheikh. Fayed said he expects the IPO to take place in 2019, but said the final timing would be subject to market conditions.
Look for EBRD to buy a stake: The European Bank for Reconstruction and Development (EBRD) is at top of the list of institutions looking to buy shares, Fayed said, confirming BdC and EBRD have already discussed a transaction. Fayed gave no details on the size of the stake the bank was planning to offer or name the three other banks interested. Egypt said in October it would postpone its share-sale program due to market volatility.
Background: EBRD Managing Director for the Southern and Eastern Mediterranean Janet Heckman told Enterprise last week EBRD has appetite for BdC. Heckman also noted that the bank plans to invest some EUR 1.2 bn in Egypt in 2019.