Egypt’s Banque du Caire plans to resume IPO still ‘premature’ – sources

Plans to reschedule Banque du Caire’s (BDC) initial public offering (IPO) on Egypt’s stock exchange is “premature” in light of the reemergence of a global second wave of coronavirus pandemic, sources told Masrawy.

The sources added that it is not advisable to list the bank’s shares at a time when the global economy is still reeling from the pandemic and financial markets remain volatile.

The disruption caused by the pandemic forced the state-owned bank to abandon its plans to float 20-30 percent of its shares in an IPO in April, and a listing in 2020 was ruled out completely by its chairman in the summer.

BdC was hoping to raise some $500 million in what was expected to be the country’s biggest sale of state assets since 2006.

The European Bank for Reconstruction and Development, the Sovereign Fund of Egypt, and Abu Dhabi Development Holding were reportedly considering purchasing a stake.