Egypt is set to resume its own IPO programme in March 2020 that will offer stakes in three firms, including Banque du Caire.
by BloombergJPMorgan Chase & Co., Citigroup and Goldman Sachs Group are among the banks competing to advise Egypt’s Arab Refining Company on its initial public offering
EFG Hermes Holding, HSBC Holdings and Renaissance Capital are also in the running. Arab Refining will pick as many as three of the banks in Q2 2020 to advise on details such as the size of the stake to offer.
After a two-year break, the government is set to resume its own program in March 2020 that will offer stakes in three state-run firms, including Banque du Caire.
Arab Refining is planning to make its stock market debut in Q4 2020 and owns 67 per cent of Egyptian Refining Company, which recently developed a multi-billion dollar refinery in greater Cairo. Qalaa has indicated it wants to keep its controlling stake through an agreement with shareholders.
Fellow Qalaa unit, Taqa Arabia Company, is also pressing ahead with its long-held plans for an IPO. The power company that helped build a vast solar farm in Upper Egypt is seeking to sell 30 to 40 per cent in Q2 2020.
MOST READ
INVESTMENT
Aldar to invest AED 2 million in Abu Dhabi...INVESTMENT
Oil drops 31 per cent as price war erupts...INVESTMENT
India seizes Yes Bank, limits withdrawalsINVESTMENT
ING Groep plans to sell its Turkish unitINVESTMENT
Bahrain considers stake sell in oil assetsINVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
UBS launches new private client programINVESTMENT
Dubai’s W Motors seeks funds to go electricINVESTMENT
Egypt plans to resume IPOs of parastatalsINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Zimbabwe turns to UAE to sell a stake in...INVESTMENT
Dubai's DP World buys 44 per cent stake in...
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
