{"id":589165,"date":"2023-06-22T00:00:00","date_gmt":"2023-06-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/govt-to-ipo-suez-canal-company-on-the-egx\/"},"modified":"2023-06-22T00:00:00","modified_gmt":"2023-06-22T00:00:00","slug":"govt-to-ipo-suez-canal-company-on-the-egx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/govt-to-ipo-suez-canal-company-on-the-egx\/","title":{"rendered":"Gov\u2019t to IPO Suez Canal company on the EGX"},"content":{"rendered":"

<\/span>SCA to IPO Canal Mooring and Lights: <\/span>The Suez Canal Authority\u2019s (SC<\/span>A) <\/span>Canal<\/a><\/span>Company for Mooring and Lights (CCML)<\/a><\/span> is set to sell a 20% stake in an IPO on the EGX, SCA boss Osama Rabie said <\/span>at a presser<\/span> yesterday, <\/span>according to <\/span>local media. The company will be transferred to the <\/span>newly-established holding company<\/a><\/span> that will obtain ownership of some of the authority\u2019s assets earmarked for privatization. <\/span><\/p>\n

REMEMBER- <\/span>Earlier this month, the ministers <\/span>approved the establishment of a new holding company <\/span>to handle \u201cmanaging and investing\u201d the SCA\u2019s assets. Two of its companies \u2014 CCML and the Port Said Company for Engineering Works and Marine Construction \u2014 are being transferred to the holding firm. CCML was among the <\/span>32 companies named on the government\u2019s privatization<\/a><\/span> list earlier this year.<\/span><\/p>\n

Advisors:<\/span> NI Capital is the advisor managin<\/span>g the valuation and the listing, a source at the SCA told us yesterday. <\/span><\/p>\n

Why<\/span> the holding company?<\/span> In short, it allows CCML to go public. Regulations governing firms <\/span>under the umbrella of the Public Enterprises Ministry prevent companies from going public unless they\u2019ve been in the black for the past three years, according to our source. Handing ownership of CCML to the holding company frees it from having to comply with these regulations, they added. <\/span><\/p>\n

What\u2019s next:<\/span> We can expect more information regarding the timeframe for the IPO after the company has been transferred to the holding company, according to our source.<\/span><\/p>\n

This is the second Suez Canal IPO announcement this month:<\/span> The board of the Suez Canal Economic Zone earlier this month <\/span>agreed to sell a 20% stake<\/a><\/span> in the Port Said Container and Cargo Handling Company on the EGX.<\/span><\/p>\n

CCML won\u2019t be the first newcomer to the EGX this year:<\/span> Qalaa Holding\u2019s energy distribution company Taqa Arabia is expected to <\/span>make its debut<\/a><\/span> on the exchange <\/span>in July<\/a><\/span> via a direct offering in what would be the EGX\u2019s first share sale of the year.<\/span><\/p>\n

This is the latest in a slew of privatization news:<\/span> The government is making progress in negotiations for the sale of a number of assets including <\/span>Telecom Egypt\u2019s stake in Vodafone Egypt<\/a><\/span>, <\/span>one of the Siemens-built power plants<\/a><\/span>, <\/span>Egyptian Chemical Industries<\/a><\/span> (Kima), <\/span><\/p>\n

Ethydco<\/a><\/span>, and a number of <\/span>state-owned hotels<\/a><\/span>, a<\/span>ccording to recent unconfirmed reports in the local press. In a boost to the program, the government this week <\/span>recruited the International Finance Corporation<\/a><\/span> to advise it on its privatization efforts. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

This is the second Suez Canal IPO announcement this month<\/p>\n","protected":false},"author":1,"featured_media":589166,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7321],"tags":[10718,72,78,7143,81,587,7103,133],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-canal-company-for-mooring-and-lights","tag-enterpriseam","tag-ipo-watch","tag-osama-rabie","tag-privatization-watch","tag-state-privatization-program","tag-suez-canal","tag-suez-canal-authority","wpautop","entry"],"acf":{"mongo_id":"02986738-c33c-4f19-8c5d-e7eb11a097ba","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/1135.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt to IPO Suez Canal company on the EGX","related_issue":[589160],"teaser":"This is the second Suez Canal IPO announcement this month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.6d2c44b4-84b5-49b1-b722-00081c6d1dea.mp3"},"yoast_head":"\nGov\u2019t to IPO Suez Canal company on the EGX - 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Rabie named Canal Rope alongside Canal Harbor and Great Projects as two\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/217.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545521,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/suez-canal-revenues-up-20-y-o-y-in-1q-2022\/","url_meta":{"origin":589165,"position":3},"title":"Suez Canal revenues up 20% y-o-y in 1Q 2022","author":"enterpriseam admin","date":"3 April 2022","format":false,"excerpt":"Suez Canal revenues rose 20% y-o-y in 1Q 2022 to USD 1.69 bn, the Suez Canal Authority (SCA) said in a statement. The number of ships transiting the canal increased nearly 16% y-o-y to register 5.3k vessels, while net tonnage was up 7.4% y-o-y at 313.3 mn tons. The SCA\u2026","rel":"","context":"In "Suez Canal"","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/85.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578235,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/mps-give-initial-approval-to-suez-canal-fund\/","url_meta":{"origin":589165,"position":4},"title":"MPs give initial approval to Suez Canal fund","author":"enterpriseam admin","date":"20 December 2022","format":false,"excerpt":"MPs give initial approval to the Suez Canal Authority\u2019s EGP 10 bn fund: The House of Representatives yesterday gave its initial approval on amendments to the Suez Canal Authority (SCA) law that would establish a EGP 10 bn fund. A rainy day fund: The fund\u2019s resources will be deployed to\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/421.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589131,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/this-evening-scas-canal-mooring-and-lights-headed-for-an-ipo\/","url_meta":{"origin":589165,"position":5},"title":"THIS EVENING: SCA\u2019s Canal Mooring and Lights headed for an IPO","author":"enterpriseam admin","date":"21 June 2023","format":false,"excerpt":"Happy almost-THURSDAY, wonderful people. We\u2019re nearing the end of the last full workweek of the month, with the news cycle picking up steam here at home.THE BIG STORY TODAY SCA to IPO 20% of Canal Mooring and Lights: The Suez Canal Authority\u2019s (SCA) Canal Company for Mooring and Lights (CCML)\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/3759.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/589165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=589165"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/589165\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/589160"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/589166"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=589165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=589165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=589165"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=589165"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=589165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}