Egypt cancels Bank auction
Published June 25th, 2008
Egypt has cancelled the auction of state owned Banque du Caire, saying bids did not meet the reserve price.
“The auction did not reach the price set by the evaluating commiteee,” Banque du Caire chairman Mohamed Barakat told a news conference.
“The intention to sell the bank is still there but no timing has been decided,” he added.
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