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Monday, 16 December 2019

Banque du Caire to offer 49% stake by 1Q2020

IPO Watch- Banque du Caire to offer up to 49% in 1Q2020 IPO: State-owned Banque du Caire (BdC) could sell as much as 49% of its shares in its upcoming IPO, which is expected to hit the EGX in 1Q2020, Chairman Tarek Fayed tells Al Arabiya (watch, runtime: 1:58). Fayed did not clarify whether this is the exact size of the offering, or if the number remains subject to change before going to market. Previous statements, including from majority shareholder Banque Misr Chairman Mohamed El Etreby, had indicated BdC would offer a 30-40% stake in its long-awaited IPO.

Background: The government is expected to kick off next month a roadshow for the sale of BdC. The bank, along with payments platform e-Finance, is first in line to IPO under the state privatization program. The program, which the government first announced back in 2018, includes eight companies slated to make their EGX debuts. Banque du Caire’s IPO is expected to include a primary offering and to see the state simultaneously offload part of its equity stake in a secondary sale. The transaction is expected to attract investors from beyond the region, Tellimer’s head of equity strategy Hasnain Malik said last week.

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