Egypt Targets November Listing for 30% Stake in Banque du Caire
The government expects the offering to be fully subscribed within a week.
Egypt is targeting November for the listing of a 30% stake in Banque du Caire, the country's third-largest state-owned lender, on the Egyptian Exchange (EGX).
According to Hashem El-Sayed, Assistant to the Prime Minister and head of the State-Owned Enterprises Unit, the offering is expected to be completed in November and fully subscribed within a week.
Banque du Caire has had 10.25 billion shares registered on the EGX since 2017, although plans for a public offering were repeatedly delayed. Discussions with Emirates NBD over a potential acquisition in 2025 did not result in a deal, prompting the government to pursue a stock market listing instead.
Alongside the Banque du Caire offering, the government is also preparing to sell a 20% stake in Misr Life Insurance. A fair value assessment is expected within the next two weeks, while details of interested investors are set to be announced during the first half of July.
Authorities are also working to complete the registration of 20 state-owned companies on the Egyptian Exchange by the end of June, before moving ahead with plans to list petroleum companies beginning in July.
