Al Ahly Capital to convert 39.5% of its shares in AMOC to GDRs on LSE

Al Ahly Capital is converting 39.5% of its shares in state-owned Alexandria Mineral Oils Company (AMOC) — the equivalent of 10% of the company — to global depository receipts (GDR) on the London Stock Exchange in early 2018, Managing Director Khaled Badawi says, according to Al Mal. Al Ahly Capital is currently AMOC’s largest shareholder, owning 25.31% of the company. Other shareholders are expected to convert their shares in AMOC to GDRs, Badawi said. The roadshow for the issuance is set to begin sometime after summer. AMOC had tapped Bank of New York to run its GDR program, and chose Baker McKenzie as legal advisor.