Banque Misr - SAE Vice Chairman Atef el-Maghraby said the lender plans to raise 10 billion Egyptian pounds by selling stakes in six companies, including its 10.78% stake in Jordan-based Cairo Amman Bank, a part of its 100% shareholding in Banque du Caire SAE and its 2% stake in Saudi Arabia-based Samba Financial Group, in a bid to bolster liquidity, Bloomberg News reported Feb. 27.
El-Maghraby did not disclose the three other companies' names.
Banque du Caire's planned IPO is expected to be finalized in the fourth quarter at the earliest, El-Maghraby added, with Banque Misr intending to keep a controlling interest in its fellow government-owned lender.
Banque du Caire had previously targeted an IPO in the first half of 2017. The Egyptian Exchange earlier approved the listing of 562.5 million shares of the bank.
El-Maghraby also said a number of investors are interested in acquiring Banque Misr's stake in Cairo Amman Bank, and he expects a deal to be finalized sometime in 2018. Discussions, however, remain preliminary and no offers have yet been made, Bloomberg said.
As of Feb. 27, US$1 was equivalent to 17.64 Egyptian pounds.
