FAF approves Banque du Caire share offering
The Egyptian Financial Regulatory Authority has announced the approval of a prospectus for offering 30% of the shares of Bank of Cairo, valued at approximately 24.25 billion EGP. This is part of the government’s program to expand the ownership base of state-owned companies and to increase private sector participation in the economy. The offering involves selling about 4.575 billion shares at a guide price ranging between 4.82 and 5.30 EGP per share, with the possibility of increasing this by up to 45%. Subscription orders will be received between October 19 and 23, and the final price will be announced before October 26. This offering is conducted through the sale of existing shares owned by Banque Misr, rather than issuing new shares, with the aim of strengthening the bank’s listing on the Egyptian Exchange and expanding investment opportunities.
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