FRA Approves Raising Banque du Caire’s IPO Stake to 45%
Details of the Target Increase
The Financial Regulatory Authority (FRA) has approved increasing the percentage of Banque du Caire’s shares offered for sale in both public and private tranches to 45% of the bank's total issued capital, up from the previously approved 30%. This decision follows strategic agreements signed with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC).
Financial Impact and New Share Volume
This approval increases the target sale stake by an additional 15 percentage points, raising the offered volume from 4.575 billion shares to approximately 6.8625 billion shares (out of total issued capital comprising 15.25 billion shares at a nominal value of EGP 2 per share). This is expected to boost the anticipated proceeds of the offering once regulatory procedures and the supplementary announcement are completed