Back to the complete issue
Monday, 10 September 2018

HSBC wins mandate for AMOC stake sale

**#1 EXCLUSIVE- HSBC has won the mandate to lead the sell-down of the state’s stake in the Alexandria Mineral Oils Co. (AMOC), an insider close to the transaction tells us. AMOC is in line to sell shares representing as much as 30% of the company’s equity on the EGX this year as part of the state’s reborn privatization program.

AMOC’s new refinery will cost around USD 1 bn to build, initial feasibility studies show, the company said in a filing to the EGX (pdf). The company is still looking at how to fund the project, which originally expected to cost USD 500 mn. Dutch consultant Fluor is working on the project, the details of which were expected to be unveiled at the end of August, according to previous remarks by AMOC Chairman Amr Moustafa, who had also said that the company plans to invest up to EGP 3 bn this year to implement expansion plans.

**#2 Zaki Hashem, Zulficar, Matouk Bassiouny shortlisted for Eastern mandate: High-profile law firms Zaki Hashem & Partners, Zulficar & Partners, and Matouk Bassiouny have made NI Capital’s short list to run legal on the EGX sale of 4.5% of cigarette maker Eastern Company, Amwal Al Ghad reports, citing sources with knowledge of the matter. EFG Hermes was tapped last week as bankers for the transaction, which is expected to pilot the privatization program. Heliopolis Housing, Abu Qir Fertilizers, and Alexandria Containers & Cargo Handling are also in line to to sell shares this year. A second wave of companies is expected to follow in early 2019.

In other news from the world of state-owned companies, Heliopolis Housing is reportedly vetting between three offers for a EGP 1 bn loan from Banque du Caire, QNB Egypt, and Banque Misr, sources told Al Shorouk. The company plans to use the facility for infrastructure projects at its New Heliopolis development.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.