Back to the complete issue
Thursday, 15 December 2022

Damietta Container & Cargo Handling lists on EGX ahead of planned IPO

The EGX has approved the temporary listing of the Damietta Container & Cargo Handling Company’s (DCHC) shares ahead of a potential IPO next year, Al Mal reported yesterday. The shares will be listed for six months while the company works to meet the requirements to IPO on the exchange and obtain regulatory approvals.

Port Said Container & Cargo Handling Company did the same last week: The firm listed its shares on the exchange last week as it moves forward with its IPO plans. The state-owned companies are reportedly considering offering stakes as large as 25% in the first half of 2023.

Advisors: CI Capital is reportedly financial advisor for both offerings, while Finbi Financial Advisory will carry out the fair value studies within the next two months, sources told Al Borsa.

Expect to see at least five listings “in the coming period,” EGX head Ramy El Dokany was quoted as saying earlier this month. Finance Minister Mohamed Maait also said last week that the government could sell stakes in companies in the banking and oil sectors before March 2023.

The EGX has been on a tear in recent weeks, becoming one of the world’s best-performing exchanges in the wake of October’s currency devaluation. The benchmark EGX 30 index has surged almost 80% since July in an abrupt reversal of the bearish conditions during 1H 2022 that put the local IPO market on ice.

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.