ICEC

NI Capital picks legal adviser for Egypt state AMOC’s offering before mid-Oct.

State financial institution NI Capital will name sooner than mid-October the legal adviser for AMOC’s secondary offering of 20 percent of its shares Egypt’s stock exchange.

The move followed choosing HSBC to manage AMOC’s secondary offering, informed sources told Amwal Al Ghad on Thursday, saying NI Capital will decide on a timeframe for the offering soon.

The oil company, Alexandria Mineral Oils Co (AMOC) first floated on the Cairo exchange in 2005 and around 20 percent of its shares are currently listed there.

President Abdel Fattah al-Sisi’s office said in January that Egypt plans to list shares in state-owned banks and other companies on the stock market as part of moves aimed at jump-starting investment and boosting the economy.

In July 2016, Egyptian government picked NI Capital Company as its advisor for a programme aimed to list shares in state-owned companies on the stock market.

Formed earlier in December, NI Capital is part of the state-run National Investment Bank (NIB), tailored for financial consultancies and assets management.

AMOC’s biggest shareholder is state-run Alexandria Petroleum Co. with a 20 percent stake. Two other state oil companies each own 3.6 percent stakes and various banks and investment funds own 52 percent of the company.

AMOC produces essential mineral oils, paraffin wax and its derivatives, naphtha, and butane, and distributes and markets them in Egypt and abroad.

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