Dr. Mostafa Madbouly: Banque du Caire offering is a significant step in the path of economic reform crowning
the vision of the Egyptian State

Omar Radwan: Unprecedented records of Banque du Caire offering
confirms institutional and international trust in the Egyptian economy
The Prime Minister, Dr.
Mostafa Madbouly, participated today morning in Ringing —The- Bell ceremony for
the commencement of trading the shares of Banque du Caire on the main market within
the banks sector. The event attended by: Mr. Hassan Abdalla, Governor of the
Central Bank of Egypt (CBE); Dr. Islam Azzam, Chairman of the Financial Regulatory
Authority (FRA); Dr. Hashem El-Sayed, Assistant Prime Minister and Head of State-Owned
companies Unit; Mr. Omar Radwan, Executive Chairman of the Egyptian Exchange
(EGX); Mr. Mohamed Sabry, Vice Chairman of the Egyptian Exchange (EGX); Mohamed
El-Etreby, Chief Executive Officer, National Bank of Egypt (NBE); Mr. Hesham
Okasha, Chief Executive Officer, Banque Misr; Mr. Hussein Abaza, Managing
Director and Chief Executive Officer, Banque du Caire; with leaders of the
bank; as well as selected group of senior officials and leaders from the
banking sector and financial market. During his speech in the event, The
Prime Minister, Dr. Mostafa Madbouly, expressed his happiness being present in
the celebration of launching trading the shares of Banque du Caire on EGX. He
described this event as a significant step in the path of economic reform, as
the largest public offering throughout the history of EGX and a crowning of the
vision of Egypt and state ownership policy, which is aiming to enhance participation
of the private sector and expand citizens and investment institutions ownership
base.
From his side, Mr. Hassan Abdalla, Governor of the Central Bank
of Egypt, emphasized that the success of offering the huge Banque du Caire on
the Egyptian Exchange along with the strong interest of international investment
institutions, like European Bank for Reconstruction and Development (EBRD), The
International Finance Corporation (IFC), as well as individual investors, represents
a trust certificate in the strength and stability of the Egyptian banking
sector and its strong financial indicators. It also reflects trust in the
Egyptian economy and effectiveness of implemented economic reforms, which enhances
Egypt’s position as an attractive destination for international investments.
In his speech during the event, Dr. Islam Azzam said that listing
of Banque du Caire on EGX is a significant milestone in the ambitious path
aiming at enhancing efficiency of asset management, expanding ownership base,
and attracting investors capable of developing assets, growing market capitalization
and deepening the market. These objectives will positively reflect on the targeted
development of structural reforms improving competitiveness of the national
economy.
He clarified that the process of
listing Banque du Caire reflected an extraordinary level of coordination and
integration between the relevant entities, primarily the Financial Regulatory
Authority, the State-Owned Companies Unit, the two investment banks responsible
for managing the offering, the legal advisor, the Egyptian Exchange (EGX), and Misr
for Central Clearing, Depository and Registry (MCDR), in order to complete the data
and disclosures, review all aspects related to the fair value of the share,
finalize documentation and regulatory requirements necessary for offering,
besides coordination regarding procedures of listing, trading and settlement.
In the same context, Mr. Omar Radwan, Executive Chairman of
EGX, said, “Celebrating today at this historic headquarters commencement of
trading the shares of Banque du Caire launches a new significant stage in the
path of the financial market. We record together completing the largest offering
in the history of EGX with total value exceeding EGP 36.37 billion”. He continued,
“No doubt this exceptional step is more than just listing a prestigious bank
established since 1952, it’s rather a practical evidence and a message proving
trust in the strength of the Egyptian economy, attractiveness of investment
environment, and ability of the market to accommodate and cover offerings of
billions, with strategic weight.”
Omar Radwan emphasized that the offering witnessed
unprecedented demand confirming trust of institutions and public in the
Egyptian economy, as the public offering was covered more than 27 times with purchase
requests exceeding 9.28 billion shares. In addition to the wide institutional
and international interest in the private offering. He pointed out that this
offering attracted more than half billion US$ transferred from abroad.
EGX Executive Chairman added that this historic success represents
a new starting point towards completing the institutional development plans, boosting
liquidity in the Egyptian Exchange, aligning with the goals of inclusive
economic development. He continued, “We will continue working on offering new
innovative financial tools and mechanisms to attract new segments of individual
and institutional investors as well as regional and international investment funds,
enhancing the position of EGX as a leading financial hub capable of matching development
changes and providing sustainable financing for major national institutions”.
It’s worth mentioning that the offering of Banque du Caire represents
a significant mark in the history of the Egyptian financial market, as it’s the
largest ever. It included offering 6,862,500,000 shares, representing 45% of
the total shares of the bank, which is 15,250,000,000. The offering total value
is EGP 36,371,250,000 projecting the bank’s market value of about EGP 80,825,000,000,
while the issued capital of the bank is EGP 30,500,000,000.