HSBC wins mandate for Egypt state-run AMOC’s second offering

HSBC Holdings Plc has been mandated as an adviser on Alexandria Mineral Oils Co’s (AMOC) secondary offering of 30 percent of its shares on the Cairo stock market, an informed source told Enterprise on Monday.

The oil company 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.

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.