Taiwan's exports rise 4.3% in April Y-Y    Global mobile banking malware surges 32% in 2023: Kaspersky    Mystery Group Claims Murder of Businessman With Alleged Israeli Ties    Microsoft closes down Nigeria's Africa Development Centre    Microsoft to build $3.3b data centre in Wisconsin    Lebanon's private sector contracts amidst geopolitical unrest – PMI    EGP stable against USD in Wednesday early trade    Dollar gains ground, yen weakens on Wednesday    Egypt's PM oversees progress of Warraq Island development    Egypt, Jordan prepare for 32nd Joint Committee Meeting in Cairo    Banque Misr announces strategic partnership with Belmazad digital auction platform    Egypt, World Bank evaluate 'Managing Air Pollution, Climate Change in Greater Cairo' project    Health Ministry on high alert during Easter celebrations    Egypt warns of Israeli military operation in Rafah    US academic groups decry police force in campus protest crackdowns    US Embassy in Cairo announces Egyptian-American musical fusion tour    Japanese Ambassador presents Certificate of Appreciation to renowned Opera singer Reda El-Wakil    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's SWF, Abu Dhabi Development plan to invest in Banque du Caire's 20-30% IPO mid-April
Offering aims to collect $500m, of which $50-75m from one or more strategic investors
Alyaa Stohy Published in Daily News Egypt on 05 - 03 - 2020

Egypt's Sovereign Wealth Fund and Abu Dhabi Development Holding Company are considering investment in the upcoming initial public offering (IPO) of Banque du Caire's 20-30% stake scheduled mid-April
Banque du Caire is fully owned by Banque Misr. With assets of EGP 183.4bn until the end of 2019, Banque du Caire ranks among top Egyptian banks. It would be Egypt's biggest sale of state assets since 2006. The offering is part of the government IPO programme that was announced three years ago but was repeatedly delayed.
Informed sources told Daily News Egypt that Banque du Caire will allocate the majority of the offering to strategic investors, institutions and funds. This will guarantee the success of the subscription process, especially that promotional campaigns have already succeeded in making many parties think seriously about seizing large shares in the offering process.
Several strategic local, Arab, and foreign investors have expressed their desire to subscribe to the offering, while a small percentage of the offering will be allocated to individuals, especially that the offering is large in terms of volume, and to avoid weak trading in the Egyptian Exchange due to COVID-19 fears, which suggests further delay until the situation stabilises.
Chairperson of Banque du Caire Tarek Fayed told Reuters on Wednesday that the bank targets collecting $500m of the IPO, which represents 20-30% stake of the bank. Fayed expected to sell $50-75m of the total offering to one or more strategic investors.
The sources added that the bank, in cooperation with the offering managers, EFG Hermes and HSBC, will continue the offering promotion locally and abroad in order to ensure covering the targeted sale value.

Clic here to read the story from its source.