Egypt Begins First IPO Since 2021 in IMF-Backed Asset Sale
- State selling 30% in United Bank, targeting up to $104 million
- IMF encouraging Egypt to press on with privatization program
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Egypt started selling a stake of as much as $104 million in United Bank, the country’s first initial public offering in three years as it presses ahead with a privatization program being encouraged by the International Monetary Fund.
United Bank, almost entirely owned by Egypt’s central bank, is selling 330 million shares — a 30% stake — at a maximum price of 15.6 pounds per share, according to a statement on the stock exchange website on Wednesday.