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Wednesday, 29 August 2018

NI Capital invites 7 local investment banks to bid on managing Eastern Co., AMOC share sales

NI Capital invites 7 local investment banks to bid on managing Eastern Co., AMOC share sales: State-owned NI Capital has invited seven local investment banks to bid to quarterback upcoming stake sales by cigarette-maker Eastern Company and the Alexandria Mineral Oils Company, unidentified sources tell Al Mal. Who got the call? Pharos Holding, EFG Hermes, CI Capital, Beltone Financial, HSBC, HC Securities and Investment, and Arqaam Capital. Under the conditions of the tender, the selected banks are not allowed to team up with each other, but may look outside the selected pool to form consortia — an option that Pharos and HSBC are reportedly looking into. The banks have until Sunday to present their bids.

Background: AMOC and Eastern Company are two of five expected to pilot the state privatization program, alongside Heliopolis for Housing and Development (HHD), Alexandria Container and Cargo Handling (ACCH), and Abu Qir Fertilizers. NI Capital has already been tapped to manage share sales for ACCH as well as HHD. Finance Minister Mohamed Maait had previously told Enterprise that the government will hold tenders for legal counsel and financial advisers for all five of the share sales.

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