Egypt expects to increase 7.2bn pounds in Banque du Caire offer

Egypt expects to raise 7.2 billion Egyptian pounds ($400 million) through an initial public offering of state-run Banque Du Caire, the third biggest bank, within 2018, according to a draft budget for the financial year 2017/2018 posted on the finance ministry’s website on Tuesday.

The Egyptian state-run lender had planned to list its shares in the first half of this year, market sources told Reuters in February, as part of the government’s plan to sell some state assets to buoy the stock market and attract investors.

Source: Reuters