AMOC taps Bank of New York as advisor on GDR issuance

The Board of state-owned Alexandria Mineral Oils Company (AMOC) has reportedly decided to tap BNY Mellon to run its GDR program and expects to ink an agreement with the bank next week, Al Shorouk reports, citing an unnamed source at AMOC. The company is reportedly speaking with Baker McKenzie about serving as legal counsel on the issuance, which could come at the beginning of next year. AMOC’s board approved last month converting 10% of the company’s shares into GDRs as part of a secondary offering of 10-20% of its shares it announced in January. AMOC’s chairman Amr Moustafa believes his company will be the first energy company in Egypt to list more shares as part of the state IPO program.