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Sunday, 2 September 2018

EFG to submit offer for managing Eastern Co, AMOC stake sales today

EFG bidding today for Eastern Co, AMOC stake sales today: EFG Hermes will reportedly submit today its bid to manage the sale of stakes of already-listed companies that are piloting the state’s privatization program, EFG’s Investment Banking Co-Head Moustafa Gad tells Youm7.

Background: EFG is among other several investment banks invited to take part in the tender to manage additional stake sales in Eastern Company and Alexandria Minerals and Oils Company, which are expected to pilot the program alongside Heliopolis for Housing and Development (HHD), Alexandria Container and Cargo Handling (ACCH), and Abu Qir Fertilizers. Other investment banks who were reportedly invited to join the tender include Pharos Holding, CI Capital, HSBC, and Beltone, among others.

In other AMOC related news, the EGX’s listing committee has greenlit the company’s plans to convert a portion of its shares into GDRs, Youm7 reports. AMOC’s board had approved last year converting 10% of the company’s shares into GDRs.

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