Arab Finance: Trading on Banque du Caire's stock on the Egyptian Exchange (EGX) began on Monday, November 2, following the completion of a 45% stake offering worth EGP 36.371 billion, marking the largest public offering in the history of Egypt's capital market.
Speaking at the bell-ringing ceremony, Omar Radwan, Chairman of the EGX, stated that the start of trading of the Banque du Caire's shares marks a milestone in the evolution of the Egyptian capital market, reflecting confidence in the resilience of the Egyptian economy and the attractiveness of its investment environment.
Moreover, Radwan said the offering's public tranche was oversubscribed more than 27 times, while the private tranche attracted strong interest from regional and international institutional investors.
The EGX Chairman added that the success of the offering highlights the Egyptian market’s capacity to accommodate and execute major and significant offerings.
Prime Minister Mostafa Madbouly said Banque du Caire's listing on the EGX marks a milestone in Egypt's economic reform efforts and represents the realization of the state's vision outlined in its State Ownership Policy Document. The policy aims to increase private sector participation in economic activity and expand the ownership base among citizens and institutional investors.
Meanwhile, Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), pointed out that the successful offering reflects the strength and resilience of the state’s banking sector, supported by solid financial indicators.
He added that the offering demonstrates investor confidence in the Egyptian economy and the effectiveness of the country's economic reform measures, further enhancing Egypt's appeal as a destination for international investment.
The successful offering supports the state’s goals to develop the market's institutional and legislative framework, including the introduction of innovative financial instruments to meet the needs of retail investors, institutions, and major investment funds. These efforts could reinforce EGX’s position as a leading financial hub and support sustainable financing for major national institutions.
