Banque du Caire IPO on track for 1Q2019, bank to float 30% of shares

IPO WATCH- The state-owned Banque du Caire (BdC) is still on track to float up to 30% of its shares in an initial public offering in early 2019, a senior bank official told Enterprise yesterday. Central Bank Governor Tarek Amer had said in April to expect BdC’s IPO in late 2018 or early 2019 as part of the state’s privatization program, which is expected to kick off this fall with the sale of additional stakes from state-owned companies including Eastern Tobacco, Alexandria Minerals and Oils Company, and Abu Qir Fertilizers, among others. The IPO is part of BdC’s plan to raise EGP 10 bn from the sale of its stake in a number of companies.