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Sunday, 16 September 2018

Gov’t expects EGP 2.8 bn in proceeds from sale of 20% stake in AMOC; HSBC confirmed as manager

**#5 IPO WATCH- Gov’t expects EGP 2.8 bn in proceeds from sale of 20% stake in AMOC; HSBC confirmed as manager: The government is hoping to raise EGP 2.8 bn from the sale of a 20% stake of the Alexandria Mineral Oils Company (AMOC) on the EGX, according to a Finance Ministry statement on Friday picked up by Reuters. The ministry also confirmed our exclusive report from last week that HSBC has been tapped to manage the transaction. Talks are ongoing with HSBC to determine the best time for the offering, Minister Mohamed Maait said. AMOC is expected to pilot phase one of the state’s privatization program in October alongside Eastern Company, Maait said last week. EFG had also been tapped to manage Eastern’s 4.5% stake sale. 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.

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