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Sunday, 9 July 2017

Baker McKenzie selected as legal advisor on Enppi IPO

IPO WATCH – Baker McKenzie was reportedly selected as legal advisor on the listing of up to 24% of state energy company Enppi, sources tell Al Borsa. The international law firm apparently beat out four of the country’s most prominent law firms: Matouk Bassiouny, Zaki Hashem & Partners, and Zulficar & Partners. As we noted last week, a consortium led by CI Capital and includes Jefferies International Limited and Emirates NBD Capital Limited was selected as as lead managers and bookrunners of the listing. Now that the whole team has been assembled, meetings on the IPO will begin in earnest this week, the source added.

Possible delay in the IPO? These sources also told the newspaper that the IPO may take place in early 2018 once all approvals have been obtained. If true, this would mean that the government had decided to delay the IPO from the 4Q17 date announced by Investment and International Cooperation Minister Sahar Nasr last week.

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