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Banque Du Caire to postpone EGX listing to 2020

Banque Du Caire to postpone EGX listing to 2020
Banque Du Caire to postpone EGX listing to 2020
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Cairo – Mubasher: Banque Du Caire could postpone floating a stake on the Egyptian Exchange (EGX) to the first quarter of 2020, a government source said.

Banks are currently settling procedures that make it difficult for them to file for initial public offerings (IPOs) this year, Enterprise reported, citing the unnamed source as saying.

IPO proceeds will be distributed over the state's treasury, shareholders, and debt repayment, the source added, pointing out that the debts include dues owed to state utility companies for water, electricity, and gas, as well as to the National Investment Bank.

In December, Banque Du Caire chairman projected that the IPO would take place in 2019 within the framework of the state-run IPOs programme.

In August, a top official at the bank said that the lender could float a stake of up to 30%on the EGX.

Last week, Egyptian public business sector minister Hisham Tawfiq stated that the government's IPOs programme would include adding unlisted firms to the local stock market, adding that the government was looking to list around four or five companies by September, meaning one IPO per month.