February 4, 2020 / 8:42 AM / 2 months ago

Egypt to sell a 45% stake of Banque du Caire in the first half of 2020

People walk in front of Banque Misr in Cairo, Egypt, September 7, 2017. REUTERS/Mohamed Abd El Ghany

CAIRO (Reuters) - Egypt’s state-owned Banque Misr seeks to offer a stake of up to 45% of it Banque du Caire unit on the Egyptian Stock Exchange during the first half of 2020, its chairman Mohamed Eletreby said.

The bank also is open to sell part of the stake to a foreign investor during the initial public offering (IPO), added Eletreby during an event late on Monday.

A deal to sell Banque du Caire was cancelled in 2008 and an IPO has been postponed repeatedly over the past three years. Its chairman and CEO Tarek Fayed said in August that the bank expects to sell minority stake by early 2020.

“We want to sell a stake of up to 45% ... the selling will be inside Egypt, there will be no global depository receipts (GDR),” said Eletreby.

A roadshow was taking place in the United States to sell Banque du Caire shares, he added.

“It is possible that a foreign investor gets a stake... The roadshow will decide,” he said.

Reporting by Afaf Ammar; Writing by Mahmoud Mourad; Editing by Louise Heavens

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