Cairo: Prime Minister Moustafa Madbouli has refuted recent reports of the sale of Banque du Caire, labeling them ‘baseless.’ In a press conference on Wednesday, he clarified the government’s ongoing plans for a public offering of the bank’s shares.

According to State Information Service Egypt, Madbouli reiterated that Banque du Caire is part of the government’s previously announced public offering strategy. He confirmed that a consultancy office has been appointed to conduct a comprehensive due diligence review to assess the bank’s current value.

“This is a thorough evaluation reflecting recent market developments,” stated Madbouli. He further explained that based on the consultant’s findings, the government and the Central Bank of Egypt will determine the optimal offering strategy, whether to a strategic investor or through the stock market.

He emphasized that the precise percentage of shares to be offered will be decided only after the due diligence process is complete, ensuring transparency and alignment with Egypt’s economic goals. This approach aims to maximize the bank’s value and serve the national economic interest.