Egypt expects $300-400 mln from Banque du Caire IPO – chairman

Egyptian state-run lender Banque du Caire said on Thursday its after-tax profit in 2018 rose 200 percent to around 2.5 billion Egyptian pounds ($145.7 million) from 807 million pounds a year earlier.

Egypt expects to raise $300-400 million from floating shares in state-run lender Banque du Caire before the end of the year, the bank’s chairman said on Thursday.

Banque du Caire will list 20-30 percent of its shares on the Egyptian stock exchange, Tarek Fayed said at a press conference.

“The bank is ready to float but we are waiting for the right moment on the global markets level to start the IPO process,” Fayed said.

Egyptian government is launching an IPO programme that will offer minority stakes in dozens of state-owned companies over the next three to five years in areas such as banking, petroleum, services, chemicals, shipping, maritime and real estate to help boost state finances.

The state owns swathes of Egypt’s economy, including three of its largest banks, much of its oil industry as well as its real estate sector.