Cairo – Mubasher: Informed sources told "Asharq Bloomberg" that the private placement coverage of Banque القاهرة's shares reached approximately 6 times, rising to about 19 times when excluding the orders of previously subscribing institutions.
The sources stated on Saturday that the final offering price was set at EGP 5.30 per share.
Last Thursday, Egypt raised the stake targeted for offering from the bank's shares to 45% of its capital, instead of the previous 30%, following the approval of the Financial Regulatory Authority (FRA) to increase the offering size, in a move that could raise the proceeds from share sales to about EGP 36.4 billion, according to the final offering price of EGP 5.30 per share.
The total shares that can be offered upon full implementation of the increase amount to approximately 6.86 billion shares, distributed between the private and public tranches, compared to 4.57 billion shares in the original offering structure representing 30% of the bank's capital.
Calculating based on the final offering price, the potential proceeds for selling a 45% stake amount to about EGP 36.4 billion at EGP 5.30 per share. This figure represents a mathematical estimation upon full implementation of the increase.
The original price range estimated the bank's total value between EGP 73.5 billion and EGP 80.8 billion, according to calculations based on the number of outstanding shares and the announced price range.
The upper limit of the indicative price, at which the final offering price was set, represents the estimated fair value of the share in the study prepared by the independent financial advisor "Baker Tilly".
The offering secured commitments from four qualified investors collectively reaching 63% of the private tranche, as published by "Asharq Bloomberg".
These commitments do not represent final share allocations, as the actual number depends on the final price and the terms of the agreements.
The bank also announced separate agreements with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), affiliated with the World Bank Group, to participate in the private tranche, with each of their stakes reaching up to 15.74% of the first tranche of the private placement.
These agreements reflect the interest of international investment institutions in participating in the offering, while final allocations remain tied to the subscription results and the final price set at EGP 5.30 per share.
Plans for listing Banque القاهرة on the Egyptian Exchange (EGX) date back years, as its shares were registered on the exchange in 2017, but market volatility and valuation disputes prevented the execution of the offering in previous stages.
In June 2025, negotiations for "Emirates NBD" to acquire the Egyptian bank stalled due to valuation discrepancies, as the Emirati bank raised its offer to $1.5 billion, while the Egyptian government insisted on valuing the bank at $1.8 billion.
The anticipated offering comes within the Egyptian government's privatization program, which aims to expand the ownership base in state-owned companies and banks, increase private sector participation in economic activity, and attract local and foreign investments to the Egyptian capital market.
