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Economy

Egypt plans to sell Banque Du Caire stake this year

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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.

TAGS : Banque Du Caire, CBE, Banque Misr, Eastern Company., EGX

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