Banque du Caire announces its intention to float on the Egyptian Exchange

Banque du Caire S.A.E. (“BdC”, the “Bank” or the “Issuer”), one of the largest Egyptian banks with over 70 years of history, announces today its intention to proceed with the initial public offering of its ordinary shares (the “IPO” or the “Offering”) on the Egyptian Exchange (the “EGX”).
The Offering is expected to consist of a secondary sale of 4,575,000,000 existing ordinary shares by Banque Misr S.A.E. (the “Selling Shareholder”), representing 30% of the Bank’s issued share capital.
The Offering will include:
(i) A private offering to qualified investors in Egypt and to qualified investors in a number of countries, including in the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in reliance on Regulation S under the Securities Act (the “Private Offering”); and
(ii) A public offering open for public subscription in Egypt (the “Public Offering”).
The Bank is currently in the process of obtaining the required approvals with regards to the Offering, including the approval by the FRA on the PSN and the registration of the Bank’s shares as well as the approvals of the EGX. The subscription in the Offering and trading is expected, subject to the necessary regulatory approvals, to be completed towards late October and during November respectively.
The Bank has engaged CI Capital Investment Banking S.A.E. (“CI Capital”) to act as Lead Global Coordinator and Joint Bookrunner, and EFG Hermes Promoting & Underwriting S.A.E. (“EFG Hermes”) to act as Joint Global Coordinator and Joint Bookrunner for the Offering. Baker McKenzie LLP has been appointed as legal counsel to the Bank and the Selling Shareholder as to U.S. and English law, while Helmy, Hamza & Partners (a member firm of Baker McKenzie International), has been appointed as Egyptian legal counsel in connection with the Offering.
Commenting on the Offering, the Bank’s Managing Director and Chief Executive Officer, Mr. Hussein Abaza, said: “We are pleased to announce our intention to float Banque du Caire on the Egyptian Exchange, marking an important milestone in the Bank’s long-standing history. As one of Egypt’s largest banks, Banque du Caire has built a well-established and diversified franchise across retail, corporate, SME and microfinance banking, supported by a differentiated approach focused on delivering profitable margins, disciplined risk and portfolio management, and maintaining a solid balance sheet. We look forward to welcoming new investors to Banque du Caire and to engaging with the market as we embark on the next phase of the Bank’s development as a publicly listed institution.”
Offering Highlights
Offering size: upon obtaining the final approvals of the FRA and the EGX, the Selling Shareholder will offer 4,575,000,000 existing ordinary shares, representing 30% of the Bank’s issued share capital.
Investor tranches: The Offering will comprise (i) a Private Offering and (ii) a Public Offering
Selling Shareholder: Banque Misr S.A.E.
The Offering and trading is expected to be completed towards late October and during November respectively, subject to the necessary regulatory approvals.
Advisors
Lead Global Coordinator and Joint Bookrunner: CI Capital Investment Banking S.A.E.
Joint Global Coordinator and Joint Bookrunner: EFG Hermes Promoting & Underwriting S.A.E.
Legal counsel to the Bank and the Selling Shareholder: Baker McKenzie LLP (as to U.S. and English law) and Helmy, Hamza & Partners (a member firm of Baker McKenzie International) (as to Egyptian law).
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