Banque du Caire, the country’s third largest state bank, ruled out ell a stake in an initial public offering (IPO) in 2020 due to the coronavirus (COVID-19) crisis, the bank’s Chairman, Tarek Fayed told Reuters.
The IPO will be postponed until the improvement of global economy, Fayed added.
Egypt had originally planned to sell a minority stake in the bank of about $ 500 million in mid-April.
The offering of a stake in Banque du Caire on the Egyptian Stock Exchange will be the largest sale of state assets in Egypt since 2006.
The bank is part of a revived program to sell shares in a long list of national companies that was announced three years ago but has faced repeated delays.
Banque du Caire is owned by Banque Misr, which is also owned by the state, which in the mid-2000s acquired Banque du Caire’s troubled loans in exchange for assets.
Press coverage Afaf Ammar – edited by Ihab Farouk – edited by Moataz Muhammad
