Egypt has approved the sale of a 30 percent stake in state-owned Banque du Caire, paving the way for a potential $454 million share offering as the government pushes ahead with plans to sell stakes in public companies and deepen the country’s capital market.
The Financial Regulatory Authority approved the prospectus on Sunday, covering up to 4.575 billion shares held by state-owned Banque Misr. The offer could be expanded to 45 percent, depending on investor demand and the applicable rules.
Hashem El-Sayed, assistant to the prime minister and head of the State-Owned Companies Unit, said the prospectus covers the sale of existing shares rather than the issuance of new stock by Banque du Caire. This means the proceeds will go to Banque Misr, the selling shareholder, rather than directly to the bank.
The indicative price range is EGP 4.82 to EGP 5.30 per share, valuing the 30 percent stake at up to EGP 24.25 billion, or about $454 million, at the top of the range.
Under the approved offer structure, 95 percent of the shares will be allocated to qualified investors through a private placement, while the remaining five percent will be available to retail investors through a public offering.
Investors are scheduled to submit orders from October 19 to 23, with the final offer price expected to be announced by October 26 following the bookbuilding process. Trading is expected to begin on the Egyptian Exchange in November, subject to completion of the offering and listing requirements.
CI Capital Investment Banking is acting as lead global coordinator and joint bookrunner, alongside EFG Hermes Promoting & Underwriting, which is also serving as joint global coordinator and joint bookrunner.
Banque du Caire reported a net profit of EGP 8.94 billion in the first half of 2026, providing investors with a view of the bank’s recent financial performance ahead of the offer.
Part of Egypt’s state divestment drive
The offering forms part of the Egyptian government’s programme to reduce its direct holdings in selected state-owned companies, attract private investment and expand opportunities for investors through the stock market.
The approval comes nearly nine years after Banque du Caire’s shares were temporarily listed on the exchange on February 8, 2017. The current process moves the bank closer to a full offering and completion of its listing procedures.
El-Sayed said the State-Owned Companies Unit was working with relevant authorities on valuations, financial studies and listing preparations, while addressing technical, legal and regulatory issues affecting the planned sales.
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He said the broader programme aimed to maximise the value of state-owned assets while improving corporate governance and management efficiency, in line with the State Ownership Policy Document and Law No. 170 of 2025.
About 28 state-owned companies have been temporarily listed on the Egyptian Exchange as the government works towards completing offerings and full listings for eligible businesses.
Investor demand to shape the final offer
The Banque du Caire sale follows the initial public offering of Egyptian fintech company MNT-Halan earlier in October, in which both the private placement and public subscription tranches were oversubscribed, according to the source report.
The government’s decision to allow the Banque du Caire offer to rise from 30 percent to 45 percent gives the transaction room to accommodate stronger demand, subject to regulatory requirements.
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The final price, the proportion ultimately sold and the level of participation by institutional and retail investors will determine the outcome of the offer.
For the government, the sale would mark another step in its efforts to attract private capital into state-owned businesses. For investors, it offers an opportunity to acquire a stake in an established Egyptian bank, although the final investment decision will depend on the offer price, the bank’s financial outlook, and individual risk assessments.
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Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance.
