Daily News Egypt understands that Egypt will decide on the acquisition bids from a company affiliated to the Qatar Investment Authority for Port Said Container & Cargo Handling Company (PSCCHC) and Damietta Container & Cargo Handling Company (DCHC), and then both enterprises will be offered on the stock market. The Qatari offers seek to acquire the largest possible shares of the two companies.
Last Thursday, the Board of Directors of the Suez Canal Economic Zone (SCZONE) approved offering 20% of the PSCCHC on the Egyptian Exchange (EGX).
Walid Gamal El-Din, Chairperson of the SCZONE, said that SCZONE owns 39% of the PSCCHC’s shares.
Sources said that the independent financial advisor, FinBi Finance & Banking Consultants International identified the fair value of the two companies, and it was submitted to the Financial Regulatory Authority (FRA).
The listing committee of the Egyptian Exchange approved the temporary listing of both DCHC and PSCCHC for six months, until the procedures of the public and private offering are completed.
The sources indicated that the six-month listing will end this month. In case the approvals and procedures required for the offering were not completed, the companies will ask for an extension of the deadline. The offering will likely take place at the beginning of the third quarter of this year.
Sources told Daily News Egypt earlier that up to 20-25% of the two companies were meant to be offered before the Qatari acquisition bids emerged.
