May 23, 2017 / 9:41 AM / 6 months ago

Egypt expects to raise 7.2 billion pounds in Banque du Caire offer -statement

CAIRO, May 23 (Reuters) - Egypt expects to raise EGP 7.2 billion ($400 million) through an initial public offering of Banque Du Caire by 2018, according to a draft budget for the 2017-18 fisal year posted on the finance ministry’s website on Tuesday.

The Egyptian state-run lender had planned to list its shares in the first half of this year, market sources told Reuters in February, as part of the government’s plan to sell some state assets to buoy the stock market and attract investors. (Reporting by Ehab Farouk; Writing by Tom Finn; Editing by Louise Ireland)

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