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Sunday, 5 May 2019

AMOC exits stage right from second wave of Egypt’s state privatization program

EXCLUSIVE- AMOC won’t be in round two of the state privatization program; Sinai Manganese Company might be: Alexandria Mineral Oils Company (AMOC), which had earlier been dropped from the first wave of the state privatization program after posting an unexpected dip in profits, will not take part in the second wave, either, Public Enterprises Minister Hisham Tawfik told Enterprise. The government committee tasked with managing the privatization program is now looking at other companies that could be added to the second wave, the minister added. Among them could be the Sinai Manganese Company, a senior government official told us separately. Tawfik had previously said the second wave should kick off in September.

Background: The government kicked off the first wave of the program in March with Eastern Tobacco’s secondary offering of a 4.5% stake. Heliopolis Company for Housing and Development has been dropped from the first wave, leaving Abu Qir Fertilizers and Alexandria Containers and Cargo Handling Company (ACCH), Tawfik told us last month. Either company could sell shares before Eid El Fitr, but neither will go to market during the summer, Tawfik said. The first phase of the program was delayed last year as the emerging markets sell-off hit the EGX. The ambitious program had an initial lineup of 23 companies slated either for IPO or for a secondary offering.

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