Governor of the Central Bank of Egypt (CBE), Tarek Amer, announced that 30-40% of the shares at Banque du Caire will be floated on the Egyptian Exchange (EGX) before the end of 2019 as part of the government IPO programme.
Amer made these comments during Seamless North Africa FinTech Conference taking place on June 17-18 for the second year in row.
On the other hand, Tarek Fayed, chairperson and CEO of the bank, noted that between 20% and 30% of the bank’s shares will be offered on the EGX for revenue, some for $300-400m
According to Fayed, the bank is also considering the initial public offering (IPO) on the London Stock Exchange or other foreign exchanges.
In addition, EFG Hermes and HSBC are currently negotiating to identify the best markets, as the offering bookrunners.
Amer also said that the indicators of the performance of the Egyptian economy have become favourable and the climate is appropriate. This strengthened the appreciation of the Egyptian pound against the dollar in controlling the exchange market.
The conference is held under the auspices of Egyptian Prime Minister Moustafa Madbouli and it brings together different players, such as financial institutions, startups, and venture capital.
It is meant to assess new techniques and strategies to offer better services for citizens and consumers in the Arab world. Seamless North Africa is a conference organised by Terrapin and is under the patronage of the central bank of Egypt in partnership with the Arab Federation of e-commerce (AFEC) and the strategic partner is The Egyptian Banking Institute.
