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Tuesday, 8 October 2019

Gov’t to offer stakes in ACCH and Abu Qir in 4Q2019 -Tawfik

IPO WATCH- Gov’t to offer ACCH, Abu Qir stakes before end of the year -Tawfik: The government will offer stakes in Alexandria Container and Cargo Handling (ACCH) and Abu Qir Fertilizers in 4Q2019 after the State Council has completed its review and granted it the necessary approvals, Public Enterprises Minister Hisham Tawfik told CNBC Arabia. The legal procedures have been delayed due to the death of the judge who was in charge of the case, but a date for the offering will be announced soon, he said.

Background: Tawfik told Enterprise in September that the ACCH and Abu Qir stake sales could happen by the first week of October, citing a 20% gain in the EGX as an indication that “the time is appropriate.” The order and size of the stake sales is yet to be determined by the investment banks quarterbacking the sales, but the market expects that both Abu Qir and ACCH could sell stakes as large as 20%.

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