Egypt approves updated Banque du Caire valuation ahead of potential IPO
A government committee unanimously approved on Thursday the methodology for an updated fair value study of Banque du Caire shares, paving the way for a potential stake offering in the state-owned bank on the Egyptian Exchange (EGX).
The updated valuation is based on Banque du Caire’s financial statements as of 30 June 2026, replacing a study the committee reviewed in March that was based on year-end 2025 financial data, said Hashem El-Sayed, assistant prime minister and CEO of the State-Owned Enterprises Unit.
The update was required after more than six months had passed since the earlier assessment, requiring the financial and economic data and assumptions underpinning the valuation to be refreshed, El-Sayed said.
The committee reviewed the valuation methodologies, financial assumptions, growth and discount rates, and cost of capital, as well as the study’s compliance with Egyptian financial valuation standards.
It also reviewed a technical presentation by independent financial adviser Baker Tilly Financial Consulting for Securities. Representatives of Egypt’s Financial Regulatory Authority (FRA) confirmed that the authority had reviewed the updated study and found it consistent with the country’s financial valuation standards.
The approval comes as Egypt advances a programme to offer stakes in state-owned companies on the EGX as part of efforts to broaden private-sector participation, increase market capitalisation, and expand the ownership base.
23 companies in pipeline
The State-Owned Enterprises Unit is expected to review fair-value studies for companies that were temporarily listed on the EGX during 2026, with 23 companies currently in that category, El-Sayed said.
The reviews will form part of the procedures required before potential offerings under applicable regulations and standards.
El-Sayed said listing state-owned companies on the stock exchange did not necessarily mean the government was selling or withdrawing from them.
Instead, he described stock-market offerings as a tool to improve governance of the state’s role in the economy, broaden private-sector participation, and allow Egyptian investors, including individual and family investors, to participate in investment opportunities.
The government aims to strengthen transparency, improve the management of state assets, and maximise returns from those assets while deepening Egypt’s capital market, he said.