{"id":574031,"date":"2020-08-27T04:16:34","date_gmt":"2020-08-27T04:16:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/27\/banque-du-caires-ipo-postponed-to-2021-chairman-confirms\/"},"modified":"2020-08-27T04:16:34","modified_gmt":"2020-08-27T04:16:34","slug":"banque-du-caires-ipo-postponed-to-2021-chairman-confirms","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/27\/banque-du-caires-ipo-postponed-to-2021-chairman-confirms\/","title":{"rendered":"Banque du Caire\u2019s IPO postponed to 2021, chairman confirms"},"content":{"rendered":"

<\/a> IPO WATCH- BdC IPO isn\u2019t happening before 2021, Fayed confirms, while Giza Spinning <\/strong>looks at 2020 listing: <\/strong>State-owned Banque du Caire\u2019s (BdC) won\u2019t make its EGX debut this year, Chairman Tarek Fayed confirmed in an interview with Reuters<\/a> Arabic on Wednesday. The bank had planned to float 20-30% of its shares on the exchange in April, but the listing was postponed in the wake of covid-induced market turmoil, sources told the local press earlier this month<\/a>. The bank, which has been attempting to get the IPO underway since at least 2016, had already started the offering process, but was forced to slam on the brakes as covid hit, Fayed said. \u201cIt is difficult for the offering to take place during the current year ... It depends on the improvement of global conditions,\u201d he said.<\/p>\n

The IPO might only go ahead once a covid-19 vaccine is commercially available<\/strong>, which isn\u2019t expected to happen before the first half of next year, Al Masry Al Youm<\/a> reports, citing an unnamed source.<\/p>\n

Background: <\/strong>BdC, Egypt\u2019s third largest state-owned bank, was hoping to raise some USD 500 mn via its IPO on the EGX in what was expected to be the country\u2019s biggest sale of state assets<\/a> since 2006. The European Bank for Reconstruction and Development<\/a>, the Sovereign Fund of Egypt, and Abu Dhabi Development Holding<\/a> were reportedly considering purchasing a stake. <\/p>\n

How likely is it that we will see an IPO in 2020? Not very when you consider EGX Chairman Mohamed Farid\u2019s comments <\/strong>on Tuesday. Farid indicated that it was unlikely we would see a listing this year, pointing out that listing paperwork has been filed so far in 2020, he tells Al Mal<\/a>.<\/p>\n

And yet we get announcements like this: <\/strong>Giza Spinning & Weaving<\/a><\/strong> says it wants to list this year<\/strong>, according to remarks from Managing Director Fadel Marzouk to Al Mal<\/a>. The company is still uncertain how much it\u2019s going to offer, Marzouk said, without providing additional details. The company is close to raising its capital by EGP 160 mn to reach EGP 710 mn, 80% of which will go toward financing its expansion plans and increasing its production capacities, Marzouk added.<\/p>\n

Advisors:<\/strong> Beltone Financial is serving as global coordinator and bookrunner and Matouk Bassiouny is legal counsel to the issuer.<\/p>\n

Background: <\/strong>Giza Spinning has repeatedly delayed the IPO, last saying in August of last year<\/a> that it was pushing for the sale of up to 40% of its shares on the EGX in November. It marked the second time the company had delayed the IPO, having previously announced<\/a> that it was looking to list in 3Q2019. The company had initially planned<\/a> to IPO last November 2018, but news reports<\/a> later postponed the listing date. Proceeds from the garment exporter\u2019s IPO will be used to finance an EGP 250 mn project to expand its yarn and garment production capacities.<\/p>\n","protected":false},"excerpt":{"rendered":"

IPO WATCH- BdC IPO isn\u2019t happening before 2021, Fayed confirms, while Giza Spinning looks at 2020 listing: State-owned Banque du Caire\u2019s (BdC) won\u2019t make its EGX debut this year, Chairman Tarek Fayed confirmed in an interview with Reuters Arabic on Wednesday. The bank had planned to float 20-30% of its shares on the exchange in […]<\/p>\n","protected":false},"author":1,"featured_media":574032,"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":[3816,726,571,68,72,370,2380,1901],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-abu-dhabi-development-holding","tag-banque-du-caire","tag-ebrd","tag-egx","tag-enterpriseam","tag-sovereign-fund-of-egypt","tag-speed-round","tag-tarek-fayed","wpautop","entry"],"acf":{"mongo_id":"73e68855-c8b6-40b1-a34f-a562b93f8ea0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/8\/217.jpg","photo_position":"above","related_issue":[574026],"teaser":"","voice_url":""},"yoast_head":"\nBanque du Caire\u2019s IPO postponed to 2021, chairman confirms - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/27\/banque-du-caires-ipo-postponed-to-2021-chairman-confirms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banque du Caire\u2019s IPO postponed to 2021, chairman confirms\" \/>\n<meta property=\"og:description\" content=\"IPO WATCH- BdC IPO isn\u2019t happening before 2021, Fayed confirms, while Giza Spinning looks at 2020 listing: State-owned Banque du Caire\u2019s (BdC) won\u2019t make its EGX debut this year, Chairman Tarek Fayed confirmed in an interview with Reuters Arabic on Wednesday. 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Neither\u2026","rel":"","context":"In "Speed Round"","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":574031,"position":1},"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 "Speed Round"","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":574031,"position":2},"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 "Speed Round"","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":591742,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/banque-du-caire-to-offer-49-stake-by-1q2020\/","url_meta":{"origin":574031,"position":3},"title":"Banque du Caire to offer 49% stake by 1Q2020","author":"enterpriseam admin","date":"16 December 2019","format":false,"excerpt":"IPO Watch- Banque du Caire to offer up to 49% in 1Q2020 IPO: State-owned Banque du Caire (BdC) could sell as much as 49% of its shares in its upcoming IPO, which is expected to hit the EGX in 1Q2020, Chairman Tarek Fayed tells Al Arabiya (watch, runtime: 1:58). Fayed\u2026","rel":"","context":"In "Speed Round"","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":567196,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/15\/banque-du-caire-roadshow-underway-ahead-of-stock-exchange-listing\/","url_meta":{"origin":574031,"position":4},"title":"Banque du Caire roadshow underway ahead of stock exchange listing","author":"enterpriseam admin","date":"15 January 2020","format":false,"excerpt":"PRIVATIZATION WATCH- BdC IPO appears to be moving forward as gov\u2019t kicks off roadshow: The government has begun its roadshow for Banque du Caire\u2019s (BdC) upcoming IPO this year, Banque Misr Chairman Mohamed El Etreby tells Masrawy. Banque Misr is BdC\u2019s majority shareholder. BdC has also embarked on an early\u2026","rel":"","context":"In "Speed Round"","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":567547,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/27\/bdc-on-track-for-1h2020-ipo-following-successful-inaugural-roadshow\/","url_meta":{"origin":574031,"position":5},"title":"BdC on track for 1H2020 IPO following successful inaugural roadshow","author":"enterpriseam admin","date":"27 January 2020","format":false,"excerpt":"PRIVATIZATION WATCH- BdC on track for 1H2020 IPO following successful inaugural roadshow: The first leg of the government\u2019s roadshow for Banque du Caire\u2019s (BdC) upcoming IPO saw \u201clarge\u201d investor appetite for the bank\u2019s EGX debut from major investment funds in London, Dubai and Abu Dhabi, Hapi Journal reports, citing informed\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/701.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574031","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=574031"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574031\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574026"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/574032"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574031"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574031"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}