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Thursday, 26 July 2018

HHD hires NI Capital to manage October stake sale on EGX

HHD hires NI Capital to manage October stake sale on EGX: Heliopolis for Housing and Development (HHD) chose state-owned investment bank NI Capital to manage the sale of additional company shares on the EGX in October under the state’s privatization program. HHD canceled plans for an international tender for banks to take part in the sale after it had begun talks with a number of them, the company said yesterday in a filing to the bourse (pdf). We had heard that Pharos and EFG Hermes, as well as Beltone Financial, CI Capital, Arqaam, Eagle, and Al Ahly Capital were among those being considered. The company is expected to pilot the privatization program alongside Eastern Company in October, with Alexandria Mineral Oils Company (AMOC) and Alexandria Container and Cargo Handling following in November, and Abu Qir Fertilizers in December. Finance Minister Mohamed Maait had said this week that the government plans to allow investors to buy up majority stakes of up to 33% in the company, with the state retaining 40%.

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