Back to the complete issue
Thursday, 20 September 2018

NI Capital issues tender for management of ACCH stake sale

NI Capital looking for bankers to lead ACCH stake sale: State-owned investment bank NI Capital issued a tender yesterday that will see it hire a manager for the sale of additional stake from the Alexandria Containers & Cargo Handling (ACCH) on the EGX this year, the bank’s CEO Ashraf Ghazaly said, Youm7 reports. He did not reveal the names of the banks who were invited to join the tender. The government had hired HSBC to manage the sale of shares from the Alexandria Mineral Oils Company (AMOC) and EFG Hermes to take on the Eastern Company transaction.

On a related note, Eastern Company announced yesterday that it will be executing a 5:1 stock split on 27 September, bringing its par value down to EGP 1 from EGP 5, according to an EGX filing (pdf). Eastern’s issued capital will remain the same at EGP 2.25 bn. The EGX’s board of directors had approved a decision in July that allows listed companies to split their stocks as many times a year as they want, as opposed to once previously. The decision — which means to facilitate the restructuring of government companies ahead of the start of the state’s privatization program — also exempts those with a lower turnover rate than the market average from seeking regulatory approval ahead of a share split transaction.

So, what’s the schedule for fall stake sales by state-owned companies? As it looks now:

  • October: Eastern and AMOC
  • November: ACCH
  • December: Heliopolis Housing and Abu Qir

A second wave of companies is due to market in 2019.

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.