Egypt’s Banque Misr to sell 45% stake in Banque du Caire in H1

Egypt’s state-owned Banque Misr plans to sell some of its stake up to 45 percent in Banque du Caire on the country’s stock exchange within the first half of 2020, its chairman said on Monday.

The bank is also open to sell part of the stake to a foreign investor during the initial public offering (IPO), added Mohamed Eletreby during an event late in Cairo.

“We want to sell a stake of up to 45 percent … the selling will be inside Egypt, there will be no global depository receipts (GDR),” said Eletreby.

A roadshow was taking place in the United States to sell Banque du Caire shares, he said, Reuters reported.

“It is possible that a foreign investor gets a stake… The roadshow will decide,” he added.

A deal to sell Banque du Caire was cancelled in 2008 and an IPO has been put off repeatedly during the past three years. Yet, its chairman and CEO Tarek Fayed said in August that his bank expects to sell minority stake by early 2020.