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.