Eastern Company to be the first share sale in privatization program to be managed by private sector banks: It looks like the Eastern Company is the first company of the state privatization program to officially confirm that its share sale will be managed by a private sector bank. The company, which will pilot the program along with Heliopolis Housing and Development in October, signed a contract with state-owned NI Capital which will see the latter hold an international tender for private sector banks to manage the sale of an additional 4.5% of the company on the EGX, according to a regulatory filing by Eastern Company on Thursday (pdf). The filing confirms previous statements by Chemical Industries Holding Company (CIHC) Chairman Emad El Din Mostafa that NI Capital was organizing a limited tender for private sector banks to manage share sales for Eastern Company and Abu Qir Fertilizers. There is still no word on when a tender for advisers on Abu Qir will take place. Finance Minister Mohamed Maait had told us last week that NI Capital will manage three of the five initial wave of stake sales, with the remaining two up for grabs by the private sector.

Speaking of which, Oil Min confirms Abu Qir to list 30% stake on EGX in December: The government intends to float 30% of Abu Qir Fertilizers on the EGX this fiscal year as part of the first phase of its privatization program, Oil Minister Tarek El Molla said in a statement on Thursday confirming the timeline for the sale. The offering will see various government agencies and companies sell a part of their holdings in the fertilizer manufacturer, including the Industrial Development Authority (which will sell a 12.7% stake), Al Ahly Capital (8.1%), KIMA (2.7%), the Chemical Industries Holding Company (1.5%) and the National Investment Bank (5%). The Chemical Industries Holding Company had said it is hoping to raise more than EGP 3 bn from the sale of stakes in both companies.

In other company news, Abu Qir Fertilizers said it chose a consortium led by the National Bank of Egypt (NBE) to arrange a EGP 600 mn loan needed for its nitric acid project, according to a filing to the EGX carried by Al Mal. The consortium, which includes Banque Misr and Qatar National Bank, is also extending the company a EUR 105 mn facility that will also be used to finance the project. The NBE-led consortium beat out another consortium comprising EG Bank, Bank of Alexandria, Ahli United Bank, Emirates NBD, and United Bank.