Egypt delays Banque du Caire IPO due to coronavirus

Egypt has postponed its plans to sell a minority stake in state-owned Banque du Caire in an initial public offering (IPO) starting mid-April due to coronavirus pandemic, according to the bank chairman.

Chairman Tarek Fayed announced in March that the plan to sell the stake remains in place, worth about $500 million, provided investor interest held up in the face of the virus.

“Plans to offer a share of the bank on the Egyptian Stock Exchange are currently delayed due to the spread of the new coronavirus globally and locally, and the impact on both local and global stock markets,” Fayed said.