The bourse did not disclose any details regarding the buyer of the bank's shares.

Around 59.45 percent of the bank is owned by the Egyptian government through multiple entities, while 19.75 percent of the bank is held by Emirati and Saudi Investors.

According to the disclosure of ownership structure filed to the EGX in December 2022, the number of the bank's shares traded on the stock market amounts to 281.3 million at a par value of EGP 10 per share.

Egypt's privatization programme

Egypt is implementing a broad privatization program to offer 32 state-owned companies operating in 18 sectors to strategic investors within a year under an economic reform program with the International Monetary Fund (IMF).

Housing and Development Bank was not included on the announced list of companies to be offered, which was the case with Telecom Egypt that witnessed the sale of a 10 percent share to undisclosed investor(s). 

Last week, Mohamed Metwally, CEO of NI Capital, the Egyptian government financial adviser announced that Egypt is preparing two state-owned companies to be offered as investments before the end of the current fiscal year.

Egypt is currently engaged in an Extended Fund Facility (EFF) programme with the IMF that sets the stage for Egypt to receive $3 billion over four years.

The programme's first review is pushed to June as the country ramps up its efforts to fulfil its commitments under the deal.