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Wednesday, 5 February 2020

Egypt’s Banque du Caire to offer 45% stake in 1H2020 IPO

IPO WATCH- Banque du Caire to offer 45% stake in 1H2020 IPO: State-owned Banque du Caire (BdC) will offer a 45% stake on the EGX in 1H2020, Banque Misr Chairman Mohamed Eletreby said, according to Reuters. Banque Misr is BdC’s majority shareholder. BdC chairman Tarek Fayed said last year that the bank could offer as much as 49% in its EGX debut, which will be the first IPO under the privatization program. Eletreby also ruled out issuing global depository receipts, confirming reports last week that the bank will not be seeking dual listing.

BdC is within its timetable to IPO, with the second leg of its roadshow set to begin soon as officials leave to the US to gauge investor demand, having received “large” demand from major investment funds in London, Dubai and Abu Dhabi in the first leg.

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