Banque du Caire announced plans to float 30% of its issued share capital on the Egyptian Exchange. Its owner, Banque Misr, would sell 4.575 billion existing ordinary shares through the proposed initial public offering. The transaction would combine a private placement for qualified investors with a public offer for retail investors in Egypt.
Subscriptions are expected to close towards the end of October, with trading anticipated in November if regulatory approvals are secured. The bank is seeking clearances from the Financial Regulatory Authority and the Egyptian Exchange. CI Capital and EFG Hermes are acting as global coordinators and joint bookrunners.
SALE WOULD REDUCE BANQUE MISR’S HOLDING
Because the offer is a sale of existing shares, it would transfer part of Banque Misr’s ownership rather than issue new stock. Banque Misr currently owns the lender, so a completed 30% sale would leave it with control while introducing public shareholders.
Banque du Caire reported first-half net profit after tax of EGP8.94 billion. At 30 June, total assets were EGP561.22 billion, gross loans were EGP280.25 billion and deposits were EGP443.87 billion. Its total capital adequacy ratio was 22.1%.
REGULATORY APPROVALS SET THE TIMETABLE
The announcement advances a listing considered for several years, but it does not mean the sale has completed. The private placement would target qualified investors in Egypt and selected international markets, while the public offer would be limited to retail investors in Egypt.
The next milestones are the regulator and exchange approvals, publication of the offer terms, opening of subscriptions and first trading if all conditions are met. Any delay or change to those steps would alter the November timetable. Investors will also assess valuation, demand and the eventual free float once the detailed prospectus becomes available.