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.