The headlines from this morning

Missed this morning’s edition of EnterpriseAM? Here are the top stories in a nutshell.

• Subscriptions for Banque du Caire’s (BdC) IPO open today, a day after the FRA approved the state-owned lender’s prospectus. Institutional investors have until Friday, 23 October to place their orders, while the retail book will remain open until Wednesday, 28 October. The final price will be announced on Monday, 26 October, and the stock is expected to hit the EGX in November;
• The House of Representatives has extended its closed session on whether to authorize the armed forces to support Saudi Arabia by two more days. MPs met yesterday without reaching a final decision, and the session resumes at 1pm today and continues tomorrow to hear from the rest of the MPs waiting to make their case;
• The sale of a 20% stake in Misr Life Ins. is now penciled in for December, with the government paving the way for BdC’s IPO. The company’s fair value study is the holdup, but investor appetite has remained steady. The December date is tentative and depends on coordination between the Investment Ministry, the Sovereign Fund of Egypt, and advisors;
• The government is heading into the eighth and final review of our USD 8 bn IMF program with divestments and tax collection working in its favor, while energy subsidies and a stalled tax on freezones are still holding it back.