Which state energy company will list first, AMOC or Enppi?
Which state energy company will tap the equity market first, AMOC or Enppi? Alexandria Mineral Oils Co (AMOC) Chairman Amr Moustafa tells Reuters that he believes his company’s secondary offering of 10-20% will be the first issuance by a state-owned energy company since the government announced its IPO program last year. He expects the issuance will go to market in 1H17, adding that the issue price would be the average stock price for the six months preceding the listing. He also said that the company plans to make dividend payments of no less than EGP 7-8 per share from FY 2016-17 profits, up from EGP 5.5 in 2015-16. AMOC is also planning to list 10% of its shares as GDRs on the London Stock Exchange.
This comes as Prime Minister Sherif Ismail named Enppi as one of the companies which received preliminary approval from his cabinet for a float on the EGX. Al Masry Al Youm is choosing to interpret the statement as Enppi being the first to list. The listing program will be on the agenda at the end of the month in talks with a visiting IMF delegation.