Arab Finance: Banque du Caire and its major shareholder, Banque Misr, have signed cornerstone investment agreements with a group of qualified investors to purchase about 63% of the shares allocated to the first tranche of its private placement, which represents 95% of the total shares offered for sale, according to a bourse disclosure.

Each investor has independently committed to purchasing a specified number of shares at the final offering price, subject to the terms of the respective agreements and the fulfillment of applicable conditions.

The investors include Sustainable Capital Limited, incorporated in Mauritius, which has committed to purchasing up to 18% of the first tranche of the private placement.

New York-based RWC Asset Advisors and RWC Asset Management LLP, both subsidiaries of UK-based Redwheel, plan to acquire a combined stake of up to 11% of the private placement.

Meanwhile, UAE-headquartered Waha Investments Limited is set to purchase up to 9% of the tranche.

Helikon Investments Limited, acting as investment manager for Ireland-based Helikon Long Short Equity Fund Master ICAV, will acquire up to 25% of the first tranche.

The number of shares allocated to each investor will be disclosed when the offering results are announced, based on the final offering price and the terms of the investment agreements.

The indicative price range for the bank’s initial public offering (IPO) on the Egyptian Exchange (EGX) has been set between EGP 4.82 and EGP 5.30 per ordinary share.

On its first day, the public offering of Banque du Caire attracted subscriptions for nearly 97.01 million shares, equivalent to 0.424 times the total number of shares offered.

The lender appointed CI Capital Investment Banking as lead global coordinator and joint bookrunner for the offering, while EFG Hermes Promoting and Underwriting will serve as joint global coordinator and joint bookrunner.