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Tuesday, 31 December 2019

Banque du Caire reportedly hires Grant Thornton for fair value assessment on upcoming IPO

PRIVATIZATION WATCH- Banque du Caire reporetdly hires Grant Thornton for fair value assessment ahead of 2020 IPO: State-owned Banque du Caire (BdC) has tapped Grant Thornton Financial Advisors to conduct the fair value assessment for the bank's upcoming EGX debut, according to the local press. The study will be ready by the end of February, after which the Financial Regulatory Authority and the government committee overseeing the state privatization program will be required to sign off on the IPO.

Where things stand with the IPO: The government is expected to kick off next month a roadshow for the sale of BdC. The plan, so far, would see the bank sell as much as 49% on the EGX in 1Q2020, Chairman Tarek Fayed said earlier this month. The bank, along with payments platform e-Finance, is first in line to IPO under the state privatization program.

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