CAIRO, Nov. 2 (Xinhua) -- Egypt has completed an initial public offering (IPO) of 45 percent of Banque du Caire, raising more than 36.3 billion Egyptian pounds (about 650.7 million U.S. dollars) in the largest-ever offering on the Egyptian Exchange, the government announced Monday.
The offering comprised over 6.86 billion shares. The transaction valued the bank at approximately 80.8 billion Egyptian pounds, according to the statement.
Egyptian Prime Minister Mostafa Madbouly attended the opening-bell ceremony marking the start of trading in the bank's shares, alongside senior banking and capital market officials.
Madbouly described the listing as a major milestone in Egypt's economic reform program, adding it reflected the government's State Ownership Policy document, which seeks to expand private sector participation in the economy and broaden share ownership among individual and institutional investors.
Omar Radwan, chairman of the Egyptian Exchange, said the offering marked a new chapter for the country's capital market. ■