Arab Finance: Egypt is close to finalizing the sale of its remaining stake in ALEXBANK to Italy's Intesa Sanpaolo SpA, marking the first significant state asset sale since the Egyptian pound was devalued in March, Bloomberg reported, citing unnamed sources familiar with the matter.

The deal would see Intesa Sanpaolo, which currently holds an 80% share in ALEXBANK, acquire the government’s remaining 20% stake, gaining full ownership.

The move is being closely monitored by investors and the International Monetary Fund (IMF) as a potential indicator of the government’s commitment to its initial public offering (IPO) program.

However, the expected proceeds are likely to fall short of the $625 million Egypt raised from a previous stake sale last year.

 

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