Prime Minister Mostafa Madbouly denied rumors about selling Banque du Caire for $1 billion. He emphasized that due diligence is underway to determine the bank’s value, after which the government will decide on potential share offerings.
Prime Minister Mostafa Madbouly has officially refuted recent speculations regarding the potential sale of Banque du Caire for $1 billion. The statement clarified the government’s stance amid discussions surrounding its public offering program, which outlines plans for both Banque du Caire and the United Bank.
Moreover, Prime Minister Madbouly mentioned that an advisor is currently engaged in a due diligence process to accurately assess the bank’s current market value. Following this assessment, the government, in conjunction with the Central Bank of Egypt (CBE), will decide on the best course of action, whether to offer shares to a strategic investor or to list them on the stock market.
In conclusion, Prime Minister Madbouly’s declaration serves to clarify the government’s position regarding the rumored sale of Banque du Caire. With ongoing due diligence to determine the bank’s value, the future direction regarding share offerings will be assessed collaboratively with the Central Bank of Egypt.
Original Source: www.zawya.com
