CORRECTED-Egypt plans to sell $500 mln Banque du Caire stake via IPO in April- chairman [Reuters (UK)]
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Source: Reuters
CORRECTED-Egypt plans to sell $500 mln Banque du Caire stake via IPO in April- chairman - Reuters 4 Min Read (Corrects net profit figure in final paragraph to 3.96 billion Egyptian pounds) By Patrick Werr CAIRO, March 3 (Reuters) - Egypt aims to sell a minority stake in state-owned Banque du Caire in an initial public offering (IPO) starting mid-April in a sale worth about $500 million, provided investor interest holds up in the face of the coronavirus, its chairman said. It would be Egypt’s biggest sale of state assets since 2006. The bank is part of a revived programme of selling shares in a long list of state companies that was announced three years ago but has faced repeated delays. “Our plan is to go with the IPO by mid-April, but it depends on the market conditions. For us, if you’re talking about the readiness of the bank, we are very ready,” Chairman Tarek Fayed said in an interview. “Definitely, lots of stuff has been evolving in the last two weeks, the coronavirus,” Fayed sa
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