Back to the complete issue
Wednesday, 12 September 2018

Five state companies to list, sell shares in the EGX in 1Q2019

IPO WATCH- Five state companies to list, sell shares in the EGX in 1Q2019: It appears that the Madbouly Cabinet has settled on five companies to kick-off the second phase of the state privatization program in 1Q2019, Finance Minister Mohamed Maait told Al Mal on Tuesday. While he did not name the companies, he noted that some of the companies will be IPO. A Finance Ministry source had told us this week that Enppi will “likely” list shares in an IPO in 1Q2019. Based on previous comments by state and banking officials, we anticipate that Banque Du Caire is likely to list in 1Q2019, though that has yet to be confirmed officially. The source expects that a maximum two state companies will list shares in FY2018-19.

Eastern Company, AMOC will pilot program next month: Maait also revealed that Alexandria Mineral Oils Co. (AMOC) will join Eastern Company in launching the state privatization program in October in the second shakeup of the program’s phase one timeline since it was announced in July. Eastern and Heliopolis Housing and Developing (HHD) were originally slated to pilot program, but Public Enterprises Minister Hisham Tawfik suggested that Alexandria Container and Cargo Handling (ACCH) had replaced HDD for an October slot.

A little side note on AMOC: The firm will reportedly convert 500k shares into GDRs on the London Stock Exchange next week.

Advisors for Eastern, AMOC are in place: We have exclusively reported that HSBC has won the mandate to lead the sell-down of AMOC. EFG Hermes was tapped to manage the 4.5% sale of Eastern Company. Zaki Hashem & Partners, Zulficar & Partners, and Matouk Bassiouny are the shortlist to serve as legal counsel on the Eastern sale.

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.