Cairo – Mubasher: Banque du Caire is unlikely to sell a stake in an initial public offering (IPO) in 2020 due to the coronavirus (COVID-19) crisis, the bank’s Chairman, Tarek Fayed, told Reuters on Wednesday.

The IPO will be postponed until the improvement of global economy, Fayed added.

Egypt previously announced plans to float a minority stake in the state-run bank, looking to raise nearly $500 million in an IPO that had been scheduled to be in mid-April.