{"id":569699,"date":"2020-03-04T05:57:55","date_gmt":"2020-03-04T05:57:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/04\/uncertainty-over-bdc-ipo-date-as-covid-19-roils-markets\/"},"modified":"2020-03-04T05:57:55","modified_gmt":"2020-03-04T05:57:55","slug":"uncertainty-over-bdc-ipo-date-as-covid-19-roils-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/04\/uncertainty-over-bdc-ipo-date-as-covid-19-roils-markets\/","title":{"rendered":"Uncertainty over BdC IPO date as covid-19 roils markets"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>PRIVATIZATION WATCH- <\/strong><strong>Uncertainty over BdC April IPO as covid-19 roils <\/strong><strong>markets:<\/strong> State-owned Banque du Caire (BdC) plans to make its EGX debut in April with a USD 500 mn sale, provided that covid-19\u2019s impact on the markets doesn\u2019t stunt demand among investors, Chairman Tarek Fayed <a href=\"https:\/\/www.cnbc.com\/2020\/03\/03\/reuters-america-egypt-plans-to-sell-500-mln-banque-du-caire-stake-via-ipo-in-april-chairman.html?&qsearchterm=Egypt\">told Reuters<\/a>. \u201cOur plan is to go with the IPO by mid-April, but it depends on the market conditions. For us, if you\u2019re talking about the readiness of the bank, we are very ready,\u201d he said. \u201cThe appetite is still strong. But nobody knows what could happen in the next 10 to 15 days.\u201d An April IPO was first telegraphed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16cadf64-eef3-4dee-969e-1a375d16e31c\">last month<\/a> after the bank reported <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7082ce94-2f8b-4597-bedf-cfcffb167c3d\">strong demand among Gulf and UK investors<\/a>.<\/p>\n<p><strong>A final decision will reportedly be made in the next two weeks:<\/strong> Unnamed sources <a href=\"https:\/\/bit.ly\/3csuhSA\">told Masrawy<\/a> that the bank and its advisors are monitoring the impact of the virus outbreak and will decide on the timing within two weeks.<\/p>\n<p><strong>The bank will likely offer a 20-30% stake to investors:<\/strong> \u201cThe programme allows us to go up to 45%. But the main objective is to raise funds in the vicinity of USD 500 million. So if we translate the USD 500 million into a percentage this could leave us in the range of 20% to 30% of the float of the banks ownership,\u201d Fayed said. Mohamed Eletreby, chairman of BdC\u2019s parent bank Banque Misr, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e7c8fc5-b1da-4ca1-8314-125cebf59e4d\">said last month<\/a> that it would offer 45% of the company in the IPO.<\/p>\n<p><strong>The bank is in talks with a couple of anchor investors<\/strong> who would be allocated USD 50-70 mn in shares, Fayed said.<\/p>\n<p><strong>Is the privatization program stalling?<\/strong> Government sources <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bca51511-55be-4032-89ae-78ad3af8fa92\">said earlier this week<\/a> that the IPO of state-owned payments company E-Finance would be postponed to the fourth quarter due to delays surrounding the valuation. Like BdC, the company was also slated <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d12f629a-4a0c-47e0-8286-84e15c079439\">to go public in April<\/a>. Since being announced back in 2018, the state privatization program has seen one delay after another thanks to turbulent global market conditions, with <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/03\/in-surprise-move-govt-kickstarts-ipo-program-with-a-successful-eastern-tobacco-secondary-offering\/\">Eastern Tobacco<\/a> being the only company to go to market over the past two years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PRIVATIZATION WATCH- Uncertainty over BdC April IPO as covid-19 roils markets: State-owned Banque du Caire (BdC) plans to make its EGX debut in April with a USD 500 mn sale, provided that covid-19\u2019s impact on the markets doesn\u2019t stunt demand among investors, Chairman Tarek Fayed told Reuters. \u201cOur plan is to go with the IPO [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":569700,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[726,68,72,79,4709,2380,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banque-du-caire","tag-egx","tag-enterpriseam","tag-public-enterprises-ministry","tag-secondary-stake","tag-speed-round","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"061abaa9-10b4-484c-9ad1-ffc2aef8a84c","is_powered_by":true,"section_story_id":"804cb797-da70-4583-9fcb-7970236e9d02","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/54.jpg","photo_position":"above","related_issue":[569691],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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This was telegraphed\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/227.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569115,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/13\/banque-du-caire-ipo-could-go-ahead-in-mid-april\/","url_meta":{"origin":569699,"position":1},"title":"Banque du Caire IPO could go ahead in mid-April","author":"enterpriseam admin","date":"13 February 2020","format":false,"excerpt":"PRIVATIZATION WATCH- State-owned Banque du Caire (BdC) shares could start trading on the EGX by the middle of April, the local press reports, citing unnamed industry sources. The bank, which is reportedly set to sell a 45% stake to investors, go ahead with a classical offering to both institutional and\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576401,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/23\/talks-of-banque-du-caire-ipo-premature-sources\/","url_meta":{"origin":569699,"position":2},"title":"Talks of Banque du Caire IPO \u201cpremature\u201d -sources","author":"enterpriseam admin","date":"23 November 2020","format":false,"excerpt":"IPO WATCH- Talk of when Banque du Caire (BdC) might reschedule its IPO on the EGX are \u201cpremature\u201d in light of the emergence of a global second wave of covid-19, Masrawy reports, citing unnamed sources close to the matter. Speaking to the newspaper from the Department of the Obvious, the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570733,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/banque-du-caire-postpones-ipo-on-market-turmoil-chairman\/","url_meta":{"origin":569699,"position":3},"title":"Banque du Caire postpones IPO on market turmoil -chairman","author":"enterpriseam admin","date":"13 April 2020","format":false,"excerpt":"IPO WATCH- Banque du Caire postpones IPO on market turmoil, chairman confirms: State-owned Banque du Caire (BdC) has shelved plans to debut 20-30% of its shares on the EGX in April thanks to fallout from the covid-19 pandemic, Chairman Tarek Fayed confirmed to Al Masry Al Youm in an interview\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573675,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/13\/banque-du-caire-ipo-on-hold-until-2021\/","url_meta":{"origin":569699,"position":4},"title":"Banque du Caire IPO on hold until 2021","author":"enterpriseam admin","date":"13 August 2020","format":false,"excerpt":"IPO WATCH- Banque du Caire\u2019s IPO isn\u2019t happening before 2021: State-owned Banque du Caire\u2019s (BdC) plans to debut on the EGX won\u2019t be seeing the light of day until next year once the covid-19 pandemic has subsided, Masrawy reports, citing unnamed sources familiar with the matter. The bank had planned\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590687,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/31\/banque-du-caire-reportedly-hires-grant-thornton-for-fair-value-assessment-on-upcoming-ipo\/","url_meta":{"origin":569699,"position":5},"title":"Banque du Caire reportedly hires Grant Thornton for fair value assessment on upcoming IPO","author":"enterpriseam admin","date":"31 December 2019","format":false,"excerpt":"PRIVATIZATION WATCH- Banque du Caire reporetdly hires Grant Thornton for fair value assessment ahead of 2020 IPO: State-owned Banque du Caire (BdC) has tapped Grant Thornton Financial Advisors to conduct the fair value assessment for the bank's upcoming EGX debut, according to the local press. The study will be ready\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=569699"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569699\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569691"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569700"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569699"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569699"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}