URGENT: Egypt’s PM denies Banque du Caire sale at $1b

Egypt’s Prime Minister Moustafa Madbouly has refuted recent reports of the sale of Banque du Caire at $1b, labeling them “baseless.”

In a press conference on Wednesday, he clarified the government’s ongoing plans for an initial public offering of the bank.

Prime Minister Madbouly reiterated that Banque du Caire is part of the government’s previously announced public offering strategy. He confirmed that a consultant has been appointed to conduct a comprehensive due diligence review, assessing the bank’s current value.

“This is a thorough evaluation, reflecting recent market developments,” stated Prime Minister Madbouly. “Based on the consultant’s findings, the government and the Central Bank of Egypt will determine the optimal offering strategy, whether to a strategic investor or through the stock market.”

He emphasised that the precise percentage of shares to be offered will be decided only after the due diligence process is complete, ensuring transparency and alignment with Egypt’s economic goals. This approach aims to maximise the bank’s value and serve the national economic interest.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama