NI Capital to manage another stake sale of the privatization program
NI Capital to manage another stake sale of the privatization program: The Holding Company For Maritime & Land Transport has tapped state-owned NI Capital to manage the sale of 30% of subsidiary Alexandria Container and Cargo Handling (ACCH) as part of the state’s privatization program, according to a company statement. ACCH is expected to sell the additional shares on the EGX in November, according to previous statements by Public Enterprises Minister Hisham Tawfik. This is the second share sale of the program to be managed by NI Capital after Heliopolis for Housing and Development (HHD) chose it to manage its 32.25% share sale in October.
Where does this leave private sector advisers? Past announcements by the government had heavily implied that private sector investment banks would take part in the state privatization program. Yet as the short deadline to sell shares approaches, it appears that NI Capital will have a larger role than initially anticipated out of convenience, despite reports of private sector offers. On the other side of the equation, Chemical Industries Holding Company (CIHC) Chairman Emad El Din Mostafa had said that NI Capital was organizing a limited tender for private sector banks to manage the share sales in Eastern Company and Abu Qir Fertilizers, which take place soon. It is still unknown who the government has in mind to advise on the sale of shares in Alexandria Mineral Oils Company (AMOC), the fifth company piloting the program.