Cairo:Prime Minister Dr. Mostafa Madbouly participated in a bell-ringing ceremony marking the initiation of trading for Banque du Caire shares on the Egyptian Exchange (EGX), in a significant event for the banking sector. The ceremony was attended by several high-profile figures, including Central Bank of Egypt Governor Hassan Abdalla and Financial Regulatory Authority Chairman Dr. Islam Azzam, among others.

According to State Information Service Egypt, Dr. Madbouly expressed his pleasure at the launch, describing it as a landmark in Egypt's economic reform journey. He highlighted the transaction as the largest public offering in the history of the Egyptian capital market, aligning with the state's vision to expand private sector participation and broaden ownership.

Central Bank Governor Hassan Abdalla emphasized the strong interest from international investment institutions and retail investors, citing confidence in Egypt's banking sector and economic reforms. He noted that the listing attracted substantial international investment, including from the European Bank for Reconstruction and Development and the International Finance Corporation.

FRA Chairman Dr. Islam Azzam described the listing as a significant milestone in improving asset management and attracting investors. He noted the detailed coordination among various entities to ensure compliance with regulatory requirements and the successful execution of the offering.

EGX Chairman Omar Reda marked the ceremony as the beginning of a new phase in Egypt's capital market development. He stated that the offering, valued at over EGP 36.37 billion, showcased confidence in the Egyptian economy and the investment climate, with the public offering tranche being oversubscribed more than 27 times.

The Banque du Caire offering is the largest in Egypt's capital market history, comprising 6,862,500,000 shares, representing 45% of the bank's total issued shares. The offering's value underscores the bank's significant market presence, with implications for future institutional development and liquidity on the exchange.