Banque du Caire, TAQA Arabia IPOs postponed over coronavirus outbreak

Banque du Caire and TAQA Arabia offering in the Egyptian stock market  has been postponed after the spread of coronavirus in Egypt.

The two offerings were supposed to be implemented as part of the government’s initial public offering (IPO) programme in mid-April..

Banque du Caire aimed to attract about $500m from local, Arab, and foreign investors, while TAQA Arabia aimed to raise  1.2 billion pounds.

The investment bank EFG Hermes is managing Banque du Caire offering and co-managing TAQA Arabia IPO along with HSBC.

A number of investment banks have decided to delay any offerings until the coronavirus pandemic ends, especially amid the presence of plenty of attractive financing at less risk, including non-bank financing tools after the Central Bank of Egypt (CBE) cut interest rates 3 percent last week.