Egypt sells stake in state-owned bank on stock exchange

The Egyptian government began selling a stake in the state-owned United Bank on Wednesday, Anadolu has reported. The stake is being sold on the Egyptian Stock Exchange in an attempt to raise approximately $104 million.

In a statement issued yesterday, the bank announced that it would sell around 30 per cent of its shares through a public offering running until 25 November. The bank indicated that 30 per cent represents about 330 million shares, with the potential of generating up to Egyptian pounds 5.15 billion ($104m). It added that the shares being sold include 313.5m allocated to institutional investors and 16.5m to individuals.

Egypt is offering stakes in state-owned assets through public offerings and stock exchange listings as part of agreements with the International Monetary Fund (IMF) to reduce the government’s direct role in the economy.

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