Egypt’s Financial Regulatory Authority (FRA) gave Banque du Caire and three other listed financial entities time to launch their initial public offering (IPO) on the stock exchange market until the end of 2021.
The companies are Sky Light for Touristic Development, New Castle for Investment Sports, and City Trade Securities and Brokerage, according to the stock exchange (EGX).
They are required to submit a timeline, approved by the stock exchange, on how will they implement the IPO by September. 30. Banque du Caire’s IPO would be the largest sale of Egyptian state assets since 2006.
The bank’s chairman said it was aiming to sell a stake worth about $500 million, yet, the deal was postponed due to the pandemic, among several other state-owned deals, according to Reuters.
Du Caire is the 3rd-largest public bank in Egypt and listed on the stock market since February 2017.