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Monday, 1 October 2018

Seven reported bidders for Alex Containers stake sale

Seven bidders for Alex Containers stake sale: Seven investment banks and consortiums submitted last week their bids to quarterback the upcoming sale of an additional stake in state-owned Alexandria Containers & Cargo Handling (ACCH), unidentified sources tell Al Mal. The newspaper claims the bidders include:

  • Pharos Holding
  • Arqaam Capital
  • HC Securities
  • HSBC
  • EFG Hermes and Citibank
  • CI Capital, Credit Agricole and Emirates NBD
  • Beltone Financial and Goldman Sachs

Decision by mid-October? NI Capital, the state investment bank that is running the revived privatization program, is expected to select the winning bid “within days,” according to the sources. Amwal Al Ghad, meanwhile, counters that the decision won’t be made public until the second week of October. NI Capital had issued a tender last month to hire a manager for the stake sale. ACCH is expected to sell 30% of its shares on the EGX in November as part of the first wave of the state privatization program. 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.

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