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EGX-listed Damietta Container and Cargo Handling Company wants to raise its authorized capital to EGP 1.5 bn, up from EGP 400 mn, and increase its issued and paid-up capital to EGP 1.1 bn, up from EGP 200 mn, according to an EGX bulletin. It’s worth noting that while the company has been listed on the exchange since 2022, it hasn’t been actively traded but it has been gearing up to IPO.
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The mechanism: The EGP 900 mn capital increase will be distributed across 90 mn new shares with a par value of EGP 10 apiece. The hike will be sourced from the company’s statutory reserves and other reserves as reflected in its financial statement as of 30 June 2023, the bourse said.
This could be part of the government’s planned privatization push for 2025: The government plans to offer 20-25% of the company on the EGX as early as the first quarter of this year, local media reported in December. The unconfirmed report suggested that the IPO would target major industry leaders from the region like the UAE’s AD Ports and DP World through its private placement.
Could Qatar be interested in snapping up a piece of the company? Qatar also has reportedly being eyeing a majority stake in the company, alongside terminal operator Port Said Containers & Cargo Holding Company, for years now.
AND- During his time in Qatar, Industry and Transport Minister Kamel El Wazir held a meeting with the head of industrial at the Qatar Investment Authority Faisal bin Saoud Al Thani, where the two sides touched on the QIA potentially expanding its investments in Egypt, particularly in the industry and transport sectors. El Wazir proposed a number of potential investments in the transport sector — maritime transport, land transport, and ports. A delegation from the authority will visit Egypt “as soon as possible” to look into the proposed projects.
Remember: Damietta Container and Cargo Handling got the green light to temporarily list on the EGX back in 2022. The EGX gave the company a six-month window to meet the requirements to IPO on the exchange and obtain regulatory approvals ahead of its planned IPO, initially scheduled for 2023, but we are yet to see it happen.
