Back to the complete issue
Monday, 9 July 2018

Alex Container and Cargo Handling to offer additional stake on EGX in 4Q2018

IPO WATCH- State-run Alexandria Container and Cargo Handling Company (ACCH) will list additional shares on the EGX in 4Q2018, an unnamed Maritime & Land Transport Holding Co. official tells Al Mal. A committee from the Alex Port Authority, NI Capital, and the Public Enterprises Ministry is currently in talks to set a date for the sale and is said to be shopping for investment bankers. A fair value study to back the stake sale is already in progress, according to the source, who no indication of how large the transaction might be.

Background: Sources had previously said that the government was planning to sell an additional 15% stake of ACCH on the EGX, bringing the company’s total freefloat to 20%. The holding company would sell 8.7% of its shares in ACCH (out of a total ownership stake of 55.8%), with the remaining 6.3% coming from the Alexandria Port Authority’s 40% stake, sources said at the time. ACCH faced delisting earlier this year for failing to meet the EGX’s minimum free float requirements. ACCH is one of 23 companies in the state privatization program’s lineup. The official timeline for the program could be revealed as early as this week, with the Eastern Tobacco Company’s additional 4% stake sale widely expected to lead the way.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.