EFG Hermes aims to complete Egypt’s two state-run IPOs before year-end

Egypt’s EFG Hermes investment bank hopes to finalise the listing of state-owned Banque du Caire and Alexandria Container and Cargo Handling before the end of the year, co-head said on Thursday.

These IPOs are part of EFG Hermes’ plans to manage new listings in the Egyptian market within 2019, Mostafa Gad told Amwal Al Ghad.

The government launched in early 2016 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 vast swathes of Egypt’s economy, including three of its largest banks – National Bank of Egypt, Banque Du Caire, the United Bank of Egypt – along with much of its oil industry and real estate sector.