{"id":596005,"date":"2019-08-18T04:00:47","date_gmt":"2019-08-18T04:00:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/18\/egypt-to-choose-between-e-finance-and-bdc-for-first-state-company-ipo\/"},"modified":"2019-08-18T04:00:47","modified_gmt":"2019-08-18T04:00:47","slug":"egypt-to-choose-between-e-finance-and-bdc-for-first-state-company-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/18\/egypt-to-choose-between-e-finance-and-bdc-for-first-state-company-ipo\/","title":{"rendered":"Egypt to choose between E-Finance and BdC for first state company IPO"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <b>EXCLUSIVE- Gov\u2019t to choose between e-Finance and BdC for first state company IPO in privatization program: <\/b>The government is planning to offer shares in either state-owned Banque du Caire (BdC) or financial technology company e-Finance through an initial public offering before the end of the year under the second wave of the state privatization program, sources told us. The choice would depend on the opinion of relevant advisors and the views of cabinet, the sources said. Public Enterprises Minister Hisham Tawfik told us <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/11\/no-stake-sales-in-state-companies-happening-before-september\/\">last month<\/a> that the state\u2019s privatization program had been put on hold until at least September, in order for the stock market to recover from weaker demand during the summer holidays and Eid break.<\/p>\n<p><b>Call it a gut feeling, but we think BdC looks more likely to go first: <\/b>When the state is planning to pull the trigger and make a move on either company is still unclear. Both prospects would naturally depend on stock market conditions, and also on the decisions of the IPO advisors and the government committee in charge of the program. Chairman and CEO Tarek Fayed <a href=\"https:\/\/enterprise.press\/2019\/04\/17\/coffee-banque-du-caire-chairman-ceo-tarek-fayed\/\">told us in an exclusive interview<\/a> earlier this year that BdC is \u201cinternally ready\u201d for the IPO and is awaiting a decision by stakeholders and regulators.<\/p>\n<p><b>Contrast that with e-Finance, which is still subject to a two-month valuation study to determine the share price, <\/b>chairman and managing director \u0130brahim Sarhan told us. He also pointed out over the weekend that the key factor in his IPO moving forward is to gauge whether the market is ready for another e-payments company to go public after the IPO of privately-owned Fawry, which took place <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/14\/egypts-first-ipo-this-year-sees-shares-up-31-on-the-first-day-of-trading\/\">earlier this month<\/a>.<\/p>\n<p><b>We know this much about the e-Finance IPO: <\/b>Pharos\u2019 investment banking arm and Renaissance Capital were tapped to act as joint global coordinators for the sale, Pharos\u2019 Managing Director and Head of Investment Banking Noha Ghazaly told us <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/30\/pharos-rencap-consortium-picked-as-financial-advisor-for-e-finance-ipo\/\">late last month<\/a>. Zaki Hashem & Partners, meanwhile, will act as legal advisors, and Baker Tilly will be preparing the fair value report.<\/p>\n<p><b>The sale could involve a <\/b><a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/23\/egypt-to-sell-10-15-stake-in-e-finance-in-4q2019-ipo\/\"><b>10-15% stake<\/b><\/a><b> in the company,<\/b> but the exact value is still subject to the valuation study, Sarhan confirmed. The IPO will see the company\u2019s main shareholder, the National Investment Bank, sell down its stake and will also involve a capital increase since no shareholders are presently looking to exit or sell down their stakes, Sarhan also said, confirming Ghazaly\u2019s earlier statements to Enterprise.<\/p>\n<p><b>What will e-Finance do with the proceeds? <\/b>Some of the IPO\u2019s proceeds will be deployed to expand in Africa to make use of Egypt's membership in the Common Market for Eastern and Southern Africa (Comesa), while some will be used to widen the company\u2019s footprint in the local market, Sarhan said. The IPO will also accelerate the pace of capital increases to more than once every two years, and increase the company\u2019s focus on internal governance.<\/p>\n<p><b>As for BdC<\/b>: Two months after our sit-down with Fayed, CBE governor <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/18\/should-we-expect-a-bigger-offering-from-the-bdc-ipo\/\">Tarek Amer said<\/a> that BdC could offer a 30-40% stake, up from the previously anticipated 20-30% stake. The original stake was expected to see the bank raise between USD 300-400 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EXCLUSIVE- Gov\u2019t to choose between e-Finance and BdC for first state company IPO in privatization program: The government is planning to offer shares in either state-owned Banque du Caire (BdC) or financial technology company e-Finance through an initial public offering before the end of the year under the second wave of the state privatization program, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":596006,"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":[72,9363,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-government-privatization-program","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"bd74d701-690d-486d-ba97-53cdb140d719","is_powered_by":true,"section_story_id":"c07f6439-3bae-49d5-870e-8bd7554ddeba","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/259.jpg","photo_position":"above","related_issue":[595996],"teaser":"","voice_url":""},"yoast_head":"<!-- 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its EGX debut as early as 1Q2020, chairman says: State-owned payments platform e-Finance is putting the final touches on its planned initial public offering (IPO), which could take place as early as the first quarter of 2020, Chairman and Managing Director Ibrahim Sarhan tells Hapi\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\/2019\/8\/EGX-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569699,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/04\/uncertainty-over-bdc-ipo-date-as-covid-19-roils-markets\/","url_meta":{"origin":596005,"position":1},"title":"Uncertainty over BdC IPO date as covid-19 roils markets","author":"enterpriseam admin","date":"4 March 2020","format":false,"excerpt":"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\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\/54.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592969,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/13\/e-finance-to-wrap-up-legal-procedures-by-the-end-of-the-year-for-its-planned-ipo\/","url_meta":{"origin":596005,"position":2},"title":"e-Finance to wrap up legal procedures by the end of the year for its planned IPO","author":"enterpriseam admin","date":"13 November 2019","format":false,"excerpt":"IPO WATCH- e-Finance to wrap up legal procedures for IPO by the end of the year, timing still undecided: Payments platform e-Finance will wrap up by 31 December a handful of pending legal procedures for its planned initial public offering, Chairman and Managing Director Ibrahim Sarhan said yesterday at 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\/2020\/1\/625.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570171,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/22\/egypt-postpones-state-privatization-program-new-program-to-be-announced-in-two-months\/","url_meta":{"origin":596005,"position":3},"title":"Egypt postpones state privatization program, new program to be announced in two months","author":"enterpriseam admin","date":"22 March 2020","format":false,"excerpt":"PRIVATIZATION WATCH- The state privatization program is officially being put on ice as the covid-19 outbreak wreaks havoc on global equity markets, Public Enterprises Minister Hisham Tawfik told Ahram Online. The government will announce in two months the new plan for the privatization program, an unnamed official said. The program\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":567547,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/27\/bdc-on-track-for-1h2020-ipo-following-successful-inaugural-roadshow\/","url_meta":{"origin":596005,"position":4},"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 &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\/1\/701.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596212,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/21\/egypts-state-owned-banque-du-caire-to-go-public-late-2019-or-early-2020\/","url_meta":{"origin":596005,"position":5},"title":"Egypt\u2019s state-owned Banque du Caire to go public late 2019 or early 2020","author":"enterpriseam admin","date":"21 August 2019","format":false,"excerpt":"IPO WATCH- BdC could go public before the end of the year: State-owned Banque du Caire will go ahead with its anticipated initial public offering by the end of 2019 or early 2020, Chairman Tarek Fayed told reporters yesterday, according to Reuters\u2019 Arabic service. There remain a few hurdles left\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\/1\/771.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\/596005","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=596005"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596005\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595996"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596006"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596005"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596005"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}