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Monday, 23 November 2020

Talks of Banque du Caire IPO “premature” -sources

IPO WATCH- Talk of when Banque du Caire (BdC) might reschedule its IPO on the EGX are “premature” in light of the emergence of a global second wave of covid-19, Masrawy reports, citing unnamed sources close to the matter.

Speaking to the newspaper from the Department of the Obvious, the sources said it is not advisable to list shares at a time when the global economy is still reeling from the pandemic and financial markets remain volatile.

Background: The disruption caused by the pandemic forced the bank to abandon its plans to float 20-30% of its shares in an IPO in April, and a listing in 2020 was ruled out completely by its chairman in the summer. BdC was hoping to raise some USD 500 mn 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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