Egypt Nears First Major Stake Sale Since Devaluation [Financial Post (Toronto, Ontario, Canada)]
INTESA SANPAOLO S/ADR (ISNPY)
NASDAQ:AMEX Investor Relations:
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Egypt is in advanced talks to sell the government's remaining stake in Alex Bank to Intesa Sanpaolo SpA, in what would be the North African nation's first major asset sale since devaluing its currency in March. An agreement would see the Italian lender, which already owns 80% of the Egypt-based bank, buy the remaining 20% and take complete ownership, according to people familiar with the matter who asked not to be identified as the negotiations are private. The transaction will be closely watched by investors and the International Monetary Fund as a sign Egypt's new government is committed to a state-divestment program. Still, the deal value will likely be significantly lower than the $625 million Egypt raised from a stake sale last year. A spokesperson for Intesa declined to comment. Egyptian officials couldn't be reached for comment. The Mid
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