Sources suggest that QIB is closer to winning the deal as it has plans to enter the Egyptian market and the deal’s value may reach EGP 22 billion, according to sources
Qatar Islamic Bank (QIB) and Kuwait Finance House (KFH) have completed examining the United Bank, owned by the Central Bank of Egypt, in preparation for one of them to acquire it based on price preference, according to sources cited by Asharq Bloomberg.
Sources suggest that QIB is closer to winning the deal as it has plans to enter the Egyptian market and the deal’s value may reach EGP 22 billion, according to sources.
One of the potential bidders remains uncertain about the acquisition offer due to difficulty in calculating the exchange rate at which the transaction will be madenoting the discrepancy between the official and parallel market rates, according to one of the sources.
This deal came within the framework of Egypt's initial public offering (IPO) strategy, including a list of 35 state-owned companies that was offered to strategic investors, the public offering on the Egyptian Stock Exchange, or both, to provide foreign currency, within the framework of a state-owned policy document.
Egypt is looking to attract $6.5 billion from its IPO program in 2024, according to Minister of Finance, Mohamed Maait.
Earlier in August 2023, the Cabinet's Information and Decision Support Center (IDSC) reported that the Egyptian government seeks to collect $5 billion by offering shares of some state-owned companies to strategic investors from October 2023 until the end of June 2024.
