Prime Minister Mostafa Madbouly denied rumors about the sale of Banque du Caire for $1 billion. He highlighted the government’s public offering program and mentioned that due diligence for the bank’s valuation is underway. The decision on whether to sell to a strategic investor or offer shares on the stock market will be made thereafter.
Prime Minister Mostafa Madbouly has refuted claims regarding the sale of Banque du Caire for $1 billion, as outlined in an official statement. He emphasized that the government remains committed to its public offering program, which includes plans for both the United Bank and Banque du Caire.
Madbouly indicated that an advisor is presently undertaking due diligence to evaluate the bank’s current valuation. Following this assessment, the government, in collaboration with the Central Bank of Egypt (CBE), will decide whether to present the share to a strategic investor or list it on the stock market.
In summary, Prime Minister Mostafa Madbouly has denied rumors about Banque du Caire’s sale. The government is in the midst of a valuation process, which will ultimately guide its decision regarding potential investors or market offerings. This indicates ongoing strategic planning concerning Egypt’s banking sector, ensuring transparency and informed decisions.
Original Source: www.zawya.com
