AMOC considers capital increase to finance its zero fuel oil transformation plans
According to a news article, AMOC is considering a capital increase to finance a portion of its new project to refining heavy oil (mazot) into lighter products and transitioning to a zero fuel oil facility by 2021. It is worth noting that the company has recently announced that five local and foreign financial institutions have revealed interest in funding the debt component of the USD500mn project, while feasibility studies are expected to be concluded within a month.
AMOC: EGP9.37 as of 19 Mar. 2018, Rating: Neutral, TP: EGP8.00/share, MCap: USD689mn, AMOC EY/AMOC.CA
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