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Monday, 23 January 2017

AMOC to offer additional 10-20% of its shares on the market in 2017 -Chairman

The Alexandria Minerals and Oils Co. (AMOC) could be offering an additional 10-20% of its shares in its IPO this year, Chairman Amr Moustafa tells CNBC ( runtime 26:27) in an interview last Thursday. The government has yet to notify the company or its board of its timetable for the issuance, but Moustafa said he suspects it will be around mid-July. The later in the year, the better, he added, since the gradual increase in global oil prices could help the stock climb to its fair value of EGP 98-100. It remains unclear how AMOC’s ownership structure will change after the offering. The company is currently 53%-owned by national banks and 27% by the oil sector, after 20% of its shares were floated in 2004.

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