AMOC postpones stake sale until profitability rebounds
Alexandria Mineral Oils Company (AMOC) shareholders decided to postpone the sale of a 20% stake on EGX as part of the state privatisation programme until the company’s profitability rebounds. It is worth noting that AMOC’s profits dropped 37.1% Y-o-Y during the first quarter of the current fiscal year. The government committee supervising the privatisation programme will be looking into whether to push AMOC’s sale to the second wave of companies. However, if AMOC’s shareholders continue to object to the sale, they will consider eliminating it from the programme altogether.
AMOC: EGP6.51 as of 6 Jan. 2019, Rating: Neutral, TP: EGP9.00/share, MCap: USD470mn, AMOC EY/AMOC.CA
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