Financial Authority Approves Cairo Bank's 45% Offering
The General Authority for Financial Supervision approved an increase in the percentage of shares offered for Banque du Caire to 45% of its capital, up from 30%. This comes alongside the bank signing investment agreements with the European Bank for Reconstruction and Development and the International Finance Corporation to participate in the private placement, which includes allocations of up to 15.74% for each institution, with the final shares to be determined based on the book-building process. Previously, the offering aimed to sell 30% of the bank’s capital, at a price range between 4.82 and 5.30 EGP per share, with a total value ranging from 22.05 to 24.25 billion EGP. The offering includes both private placement and public offering, with the private placement closing on October 23 and the public offering on October 28.
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