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Wednesday, 20 July 2022

Toyota exits Egyptian Offshore Drilling Company

Toyota exits Egyptian Offshore Drilling Company: Toyota has sold its 50% stake in the Egyptian Offshore Drilling Company ahead of the company’s liquidation. Majority shareholder the Egyptian Natural Gas Holding Company (EGAS) bought the Japanese company’s 280k shares for EGP 660.2 mn yesterday, Shawkat Elmaraghy, managing director of transaction broker Prime Securities, told Al Borsa. This values the company at around EGP 1.3 bn.

What’s next: EGAS and South Valley Egyptian Petroleum Holding Company (Ganope) will now likely divide the assets between them. The board will hold an extraordinary general assembly tomorrow to approve Toyota’s exit and split the company’s assets between the two remaining shareholders, EGAS and Ganope, Al Dostor writes, citing anonymous sources in the oil sector.

Correction: 1 August 2022

A previous version of this article reproduced an inaccurate figure from Al Borsa. Toyota has sold its 50% stake in the Egyptian Offshore Drilling Company, rather than 30% as claimed in the article.

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