Egypt expects to raise EGP 80 billion ($4.6 billion) by selling stakes in 23 public companies within three years in sectors such as petrochemicals, oil as well as finance and real estate.
Monday 15, April 2019
(Bloomberg) – The Governor of the Central Bank of Egypt said that the government plans to sell a stake in Banque du Caire, one of the country’s biggest state-owned lenders, toward the end of this year.
Tarek Amer, the Governor of the Central Bank of Egypt, said, “The size is around 20 per cent; might go up to 30 per cent, and the sale would be through the Egyptian Exchange.”
“It’s not about money, we have a plan to support the stock exchange with new issues and there is a lot of demand,” Amer said.
Banque du Caire is fully owned by Banque Misr, Egypt’s second largest state-run lender.
In February, the government offered a 4.5 per cent stake in tobacco monopoly Eastern Company. The market value of those companies is estimated at EGP 430 billion, according to the 2019-2020 budget.
The push reflects efforts to revive private investments battered by the instability that followed the ousting of two presidents in 2011 and 2013.
Amer did not give a value of the expected sale.