Prime Minister Mostafa Madbouly denied rumors about the sale of Banque du Caire for $1 billion and mentioned that an advisor is assessing the bank’s value to inform future decisions regarding share offerings.
Prime Minister Mostafa Madbouly has officially refuted rumors regarding the sale of Banque du Caire for $1 billion. His statement underscored the government’s public offering program, which also encompasses the United Bank alongside Banque du Caire. Currently, an advisor is undertaking due diligence to evaluate the bank’s value. Subsequently, the government and the Central Bank of Egypt will decide whether to present shares to a strategic investor or list them on the stock market.
In summary, Prime Minister Madbouly has dismissed rumors of a sale of Banque du Caire, affirming the government’s ongoing evaluation process. With due diligence underway, decisions regarding future share offerings will be made collaboratively by the government and the Central Bank.
Original Source: www.zawya.com
