The state has appointed an advisor to value Banque du Caire, Prime Minister Moustafa Madbouly said during his weekly presser yesterday (watch,runtime: 20:46). “The last valuation has become outdated,” Madbouly said, adding that work on the process has begun.

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The state is yet to decide on the stake to be sold: “Based on [the new valuation], the state will decide on the size of the stake to offer, either to a strategic investor, or through a stake sale on the EGX,” he said.

REMEMBER- A banking source told EnterpriseAM earlier this year that BdC owner Banque Misr had appointed an advisor to determine the structure of the sale, including allocations for public and private placements. They had mentioned that the sale is expected to occur in 1H 2025. Another source had told us earlier this month that Banque Misr is seeking USD 1-1.2 bn from the direct sale of a 45% stake in BdC, and is looking to list another chunk of the lender on the EGX in a separate offering, only to retain a non-controlling stake.

An Emirati investor is interested: Emirates NBD is reportedly conducting its own due diligence of the state-owned lender as the Dubai-listed lender looks to acquire an undisclosed stake in the state-owned bank.

ALSO FROM THE PRESSER-

#1- Making it easier for tourism players to operate: Madbouly has directed the Tourism Minister to look into simplifying the licensing and fees for new tourism projects, and draw out a detailed outline of the necessary measures the government needs to take for the end.

#2- Gov’t to pay more for local wheat: The Madbouly government will pay farmers EGP 2.2k per ardeb of wheat during the upcoming harvest season. The move follows a similar one last year, when the government increased its payment for local wheat to EGP 2k per ardeb from EGP 1.5k previously.

BEFORE THE PRESSER THERE WAS THE CABINET MEETING-

Before Madbouly went live, the cabinet held its weekly meeting. Among the most notable decisions:

  • Approving a draft decision to set up a committee to develop a proposal for an early warning system to prevent SMEs from facing financial distress. The system will help detect financial and administrative risks that could lead to business failure and will intervene to provide support before issues escalate.
  • Giving the go-ahead to re-tender two iron and steel production licenses for seamless steel pipes. The licenses will be auctioned through a limited tender for specialized local companies.
  • Approving a draft law amending some provisions of the Sports Law. The law regulates sports affairs and bodies and sets the rules for resolving sports disputes.
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