Egyptian state-owned lender Banque du Caire has accepted investors from the UK, the United Arab Emirates, and Africa for an initial public offering (IPO) valued at up to $454 million, opening the share sale to international participants.
According to the bank’s preliminary offering circular, the investors are UK-based Helikon Investments and Redwheel, Mauritius-based Sustainable Capital and UAE-based Waha Investments.
The IPO forms part of the country’s efforts to expand private sector participation in state-owned enterprises through capital market transactions.
The transaction does not specify how much capital the bank will raise or how it will deploy the proceeds.
Egypt’s Financial Regulatory Authority approved the offering prospectus, with institutional subscriptions scheduled to run until October 23 and the final share price expected by October 26.
For Black and Brown entrepreneurs and businesses across Africa, the offering creates another avenue to engage with cross-border investment through an Egyptian financial institution.
