Chairman of Alexandria Container [ALCN.CA] Mamdouh Draz has announced that negotiations with China COSCO Shipping regarding reimbursement for losses sustained at the Dekheila port have concluded, with the latter agreeing to: i) pay urgent financial compensation to the port after one of its ships collided with and caused damaged to two forklifts; and ii) agreeing to compensate the port with new forklifts similar to the damaged ones. ALCN had only recently acquired the two assets in May for total consideration of USD16.9mn. It is worth noting that the company had earlier noted that the collision should not have any material impact on the company's operations.
 
Alex. Containers and Goods: EGP170.21 as of 19 Nov. 2017, Rating: Buy, TP: EGP220.00/share, MCap: USD1,426mn, ALCN EY/ALCN.CA