Egypt’s Port Said terminal operator to sell 20% stake on Egyptian exchange: The Suez Canal Economic Zone’s (SCZone) board of directors signed off Thursday on the sale of a 20% stake in Port Said Container and Cargo Handling (PSCCHC) in an IPO on the EGX as part of the Egyptian government’s renewed privatization push, according to an SCZone statement.

Remember: PSCCHC has been in line for an IPO since December when it temporarily listed its shares on the EGX. The company had six months with which to complete regulatory procedures under recent changes to Egypt’s securities regulations, a time period which elapsed last week. Companies are allowed to ask Egypt’s Financial Regulatory Authority for a six-month extension if they haven’t completed IPO procedures by the initial deadline.

Expect developments in the coming weeks: The company will begin the offering “very soon,” sources told EnterpriseAM.

The company has attracted interest from regional players: Qatar’s sovereign wealth fund the Qatar Investment Authority (QIA) submitted an offer earlier this year to acquire a majority stake in the terminal operator, along with shares in Egypt’s Damietta Container & Cargo Handling Company (DCHC). Nothing has been heard about the talks since, and though details of the negotiations remain unclear, it has been said that Egypt’s Transport Ministry is reluctant to cede majority control in state-owned companies.

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