ArabFinance: Listing the shares of state-owned Banque du Caire on the Egyptian Exchange (EGX) will be carried out once the local and global markets recover, Chairman Tarek Fayed told CNBC Arabia on November 30th.

Fayed hopes such recovery to take place during 2021, the news portal added.

The bank still intends to issue 20% up to 30% of its shares for an initial public offering, the chairman confirmed.

Banque du Caire submitted a request to split the book value of its shares from EGP 4 to EGP 2, according to an EGX disclosure.

Therefore, the bank’s capital will stand at EGP 5.25 billion distributed over 2.625 billion shares instead of 1.312 billion.

The financial entity achieved a net profit after tax worth EGP 2.52 billion during the first nine months of 2020.