The Egyptian government has begun a fresh valuation of Banque du Caire to reflect its updated financial status ahead of a potential stake sale. Prime Minister Madbouly stressed the importance of transparency and accuracy in the valuation process, which will inform decisions regarding privatization of the bank and The United Bank. He also refuted claims of an inflated valuation around $1 billion.
The Egyptian government has initiated a new valuation of Banque du Caire, as stated by Prime Minister Moustafa Madbouly during a recent press conference. He indicated that the previous assessment is outdated and requires updating to align with the current financial status of the bank. This new evaluation will guide decisions regarding the percentage of the bank to be sold, either to a strategic investor or via the stock market.
Madbouly assured that the valuation process will adhere to transparency standards, enabling the government and the Central Bank of Egypt to make well-informed decisions. He also mentioned that this privatization strategy will extend to The United Bank alongside Banque du Caire. Moreover, the Prime Minister refuted claims suggesting that Banque du Caire’s valuation is around $1 billion, labeling such estimates as inaccurate.
In summary, the Egyptian government’s reassessment of Banque du Caire’s value is a strategic move aimed at updating financial insights for potential privatization. The emphasis on transparency highlights the commitment to informed decision-making, while the dismissal of inflated valuation figures underscores the meticulous approach the government is taking in this process.
Original Source: www.egypttoday.com
