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Thursday, 13 August 2020

Banque du Caire IPO on hold until 2021

IPO WATCH- Banque du Caire’s IPO isn’t happening before 2021: State-owned Banque du Caire’s (BdC) plans to debut on the EGX won’t be seeing the light of day until next year once the covid-19 pandemic has subsided, Masrawy reports, citing unnamed sources familiar with the matter. The bank had planned to float 20-30% of its shares on the exchange in April but shelved the listing due to the market turmoil caused by the virus.

Background: BdC was hoping to raise some USD 500 mn via its IPO on the EGX in what was expected to be the country’s biggest sale of state assets since 2006. The European Bank for Reconstruction and Development, the Sovereign Fund of Egypt, and Abu Dhabi Development Holding were reportedly considering purchasing a stake.

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