CIHC hopes to raise over EGP 3 bn from sale of stake in Eastern Company, Abu Qir Fertilizers: The Chemical Industries Holding Company (CIHC) is hoping to raise more than EGP 3 bn from the sale of stakes in Eastern Company and Abu Qir Fertilizers on the EGX later this year, CIHC Chairman Emad El Din Mostafa told Al Mal. CIHC intends to sell 1.5% of its 6.5% stake in the fertilizers producer — which is set to see as much as 30% of its shares offered on the bourse in December as part of the state’s privatization program — and 4.5% of its stake in Eastern Company.

State-owned investment bank NI Capital is set to launch a limited tender to investment bank to select a bookrunner and manager for the transaction soon, as well as a legal advisor, according to Mostafa. Heliopolis for Housing and Development, the Alexandria Mineral Oils Company (AMOC), and the Alexandria Container and Cargo Handling (ACCH) are also preparing to sell more shares on the before year’s end. A second wave of companies is expected to follow in 1Q2019.

On a related note, AMOC says it plans to double its investments this year to EGP 3 bn, from EGP 1.5 bn, as the company continues to expand and implement upgrades, Chairman Amr Moustafa said on Thursday, Al Mal also reports. This includes the company’s USD 500 mn oil refinery project, whose details will be made public by the end of August as soon as Dutch company Fluor completes feasibility studies and arrives at a final investment cost and financing options, Moustafa said. AMOC had denied reports back in March claiming it had reached an agreement with international financing institutions to fund its USD 500 mn project.