Banque du Caire’s IPO a turning point in Egypt’s economic reform – PM

Prime Minister Moustafa Madbouly described Banque du Caire’s initial public offering on Monday as a turning point in Egypt’s economic reform trajectory, saying the listing marked the largest IPO in the history of the Egyptian capital market.

In remarks during the ceremony marking the inaugural trading session of Banque du Caire shares on the Egyptian Exchange (EGX), Madbouly said the offering reflected the vision of the Egyptian state and its State Ownership Policy Paper, which aims to enhance private-sector participation and broaden the ownership base among individual citizens and institutional investors.

In remarks at the ceremony marking the inaugural trading session of Banque du Caire shares on the Egyptian Exchange (EGX), Madbouly said the offering reflected the vision of the Egyptian state and its State Ownership Policy Paper.

The policy aims to enhance private-sector participation and broaden the ownership base among individual citizens and institutional investors.

The offering was valued at 36.37 billion Egyptian pounds, involving 6.8625 billion shares, equivalent to 45 per cent of the bank’s total 15.25 billion shares. The transaction implied a market capitalisation of about 80.825 billion pounds.

Madbouly said the listing was part of the state’s efforts to expand the role of the private sector in economic activity and increase opportunities for citizens and institutions to participate in ownership.

The ceremony was attended by Central Bank of Egypt (CBE) Governor Hassan Abdalla, Financial Regulatory Authority (FRA) Chairman Islam Azzam, and EGX Chairman Omar Radwan.