The Egyptian bourse (EGX) has approved the proposed public offering of the state-owned Banque du Cairo.

It is understood the state is looking to list 20 per cent of the third largest government-owned bank.

Sources have previously told MEED the initial public offering (IPO) is set to take place in the first six months of this year.

In November last year, MEED reported that Cairo had selected the local EFG Hermes and the UK’s HSBC as consultants for the planned public listing.

The move is part of Cairo’s plans sell shares of “successful” state-owned firms and banks to the public, the first such move since 2005, when it offered shares in Telecom Egypt, Sidi Kerir Petrochemicals and Alexandria Mineral Oils Company (AMOC).

Egyptian news agencies have since reported that Cairo is lining up 17 or 18 state-owned companies for IPOs, which are thought to include banks as well as petroleum, petrochemicals and electricity firms. National Investment Bank subsidiary NI Capital is helping in the preparation of possible share sales.