Key Takeaways
- • Helikon Long Short Equity Fund Master ICAV acquired a 6.89% stake in Banque du Caire for EGP 5.567 billion, according to a bourse disclosure.
- • The fund purchased 1.050 billion shares at an average price of EGP 5.30 per share, with Commercial International Brokerage Company (CIBC) executing the transaction on October 29.
- • The purchase came shortly after Banque du Caire began trading on the Egyptian Exchange (EGX) on November 2, following a 45% stake offering worth EGP 36.371 billion.
- • The offering is described as the largest public offering in the history of Egypt's capital market.
- • The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) each recently announced investments of $100 million in the bank's IPO.
Summary
Helikon Long Short Equity Fund Master ICAV has acquired a 6.89% stake in Banque du Caire for EGP 5.567 billion, according to a bourse disclosure reported by Arab Finance. The fund bought 1.050 billion shares in the recently listed bank at an average price of EGP 5.30 per share. Commercial International Brokerage Company (CIBC) executed the transaction on October 29.
The purchase follows Banque du Caire's listing on the Egyptian Exchange, where trading commenced on November 2. The listing was preceded by the completion of a 45% stake offering worth EGP 36.371 billion, which Arab Finance describes as the largest public offering in the history of Egypt's capital market.
Anchor investors also participated in the offering. The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) recently announced investments of $100 million each in the bank's initial public offering.
The disclosure indicates that a single long/short equity vehicle has taken a sizeable position in a newly listed state-linked lender, a development relevant to institutional investors tracking Egyptian bank equities and foreign portfolio participation in the IPO.
The purchase follows Banque du Caire's listing on the Egyptian Exchange, where trading commenced on November 2. The listing was preceded by the completion of a 45% stake offering worth EGP 36.371 billion, which Arab Finance describes as the largest public offering in the history of Egypt's capital market.
Anchor investors also participated in the offering. The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) recently announced investments of $100 million each in the bank's initial public offering.
The disclosure indicates that a single long/short equity vehicle has taken a sizeable position in a newly listed state-linked lender, a development relevant to institutional investors tracking Egyptian bank equities and foreign portfolio participation in the IPO.
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