Alex Containers welcomes new chairman after Gulf funds buy in

Islam Mohamed Abdel Fattah has been appointed chairman of Alexandria Container and Cargo Handling (ACCH), according to an EGX disclosure (pdf).

ACCH is now majority-owned by Gulf sovereign funds: The EGX-listed firm recently saw a change in shareholders after the Saudi and Abu Dhabi sovereign funds acquired minority stakes as part of a USD multi-bn buying spree on the EGX. The Saudi Public Investment Fund (PIF) purchased a 20% stake in Alex Containers for EGP 3 bn, while Abu Dhabi fund ADQ snapped up a 32% stake for USD 186.1 mn. The Holding Company for Maritime and Land Transport was the reported seller to the PIF, while Alexandria Port Authority reportedly sold the stake to ADQ.