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Thursday, 7 November 2019

Banque du Caire to IPO 1Q2020

IPO WATCH- Banque du Caire to IPO 1Q2010 -Amer: Banque du Caire (BdC) will go ahead with its anticipated IPO in the first quarter of next year, Central Bank of Egypt Governor Tarek Amer said on the sidelines of a startup competition yesterday, according to Al Mal. BdC Chairman Tarek Fayed said in August that it will likely go public either at the end of 2019 or early 2020 while it completes the remaining pre-IPO procedures. Public Enterprises Minister Hisham Tawfik then said less than two weeks later that IPOs under the state program would be pushed to the new year. BdC will offer 30-40% of its shares through a capital increase and selling a stake owned by the government, generating between USD 300-400 mn.

In related news: Banque Misr has raised its direct ownership of BdC to more than 50% through a rights issue to raise BdC’s capital to EGP 3 bn, Banque Misr Chairman Mohamed El Etreby told reporters earlier this week, according to Al Mal. The remaining stake in BdC is held by Banque Misr subsidiary Misr Financial Investments Company.

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