Egypt to Sell Stake in United Bank Through IPO in Early 2025 [Financial Post (Toronto, Ontario, Canada)]
INTESA SANPAOLO S/ADR (ISNPY)
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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 will sell a stake in state-owned United Bank via a local initial public offering, as the North African nation presses on with plans to attract a fresh wave of foreign investment through the sale of public assets. The IPO will take place before the end of the first quarter of 2025, the central bank said Sunday in a statement, without specifying the size of the stake. The sale would be “subject to market conditions and the timely receipt of the relevant regulatory approvals,” it said. The announcement is the latest sign that Egypt, which is emerging from an economic crisis after clinching a $57 billion global bailout, is finally moving forward with a state-divestment program that's being keenly watched by the International Monetary Fund. The government last year unveiled an initial list of 32 assets it planned to offer to investors, in secto
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