Holding Company for Maritime and Transport looks to sell down in stakes in Alexandria, Damietta, Port Said container-handling companies
The Chairman of the Holding Company for Maritime Land Transport, Mohamed Yousef, announced that the company is considering selling down a portion of its stake in: i) Alexandria Containers (c40% owned); ii) Damietta Container and Cargo Handling Company (c25% owned); and iii) Port Said Container and Cargo Handling Company (c38% owned). The proposed sell down comes as part of the government’s announced “IPO Programme”. It is worth noting that Canal Shipping Agencies [CSAG.CA] owns a c20% stake in both Damietta’s and Port Said’s aforementioned container-handling companies. (Al Mal)
Canal Shipping: EGP14.50 as of 19 Mar. 2018, Rating: Buy, TP: EGP15.00/share, MCap: USD165mn, CSAG EY/CSAG.CA
Alex. Containers and Goods: EGP172.34 as of 19 Mar. 2018, Rating: Buy, TP: EGP220.00/share, MCap: USD1,450mn, ALCN EY/ALCN.CA
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