Egypt expects Banque du Caire, Misr Life Insurance IPOs in October-November: minister

By Fatma El-Kashef

Egypt expects to bring state-owned Banque du Caire and Misr Life Insurance Company, which is affiliated with the Sovereign Fund of Egypt, to the stock market between October and early November as the government pushes ahead with its state-asset divestment program, Investment and Foreign Trade Minister Mohamed Farid said.

Banque du Caire could be the first of the two companies to hold an initial public offering, followed by Misr Life Insurance, Farid said Wednesday during a panel at the Arab Federation of Capital Markets' annual conference in Abu Dhabi.

"We have Banque du Caire, and it could precede the initial public offering of Misr Life Insurance," Farid said. "This will happen soon, between October and early November."

Egyptian Exchange Chairman Omar Radwan told Zawya Arabic in a separate interview on the sidelines of the conference that three companies, including Banque du Caire and Misr Life Insurance, are ready for IPOs, with offerings expected to take place successively in the coming period.

Egypt is seeking to exit stakes in several state-owned companies and has already temporarily listed several firms from different sectors on the Egyptian Exchange in preparation for potential offerings.

The government's divestment plan also includes Wataniya Petroleum and National Co. for Natural Water in Siwa, known as SAFI, both affiliated with the military's National Service Projects Organization.

Wataniya will need to undergo restructuring before an IPO can take place, Farid said.

"Wataniya is different. We first need a restructuring phase and then we will go for an initial public offering," he said, adding that the restructuring is underway.

SAFI, meanwhile, may not necessarily be sold through an IPO.

"It is in the plan, but it does not necessarily have to be an initial public offering," Farid said when asked about the company.

Click here to read the article in Arabic.