Egypt is set to resume its own IPO programme in March 2020 that will offer stakes in three firms, including Banque du Caire.by Bloomberg
JPMorgan 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.