Egypt to IPO Suez Canal company on the EGX

SCA to IPO Canal Mooring and Lights: The Suez Canal Authority’s (SCA) CanalCompany for Mooring and Lights (CCML) is set to sell a 20% stake in an IPO on the EGX, SCA boss Osama Rabie said at a presser yesterday, according to Egyptian news outlet Amwal Al Ghad. The company will be transferred to the newly established holding company that will obtain ownership of some of the authority’s assets earmarked for privatization. Rabie didn’t give an indication of when the SCA could proceed with the IPO.

REMEMBER- Earlier this month, the ministers approved the establishment of a new holding company to handle “managing and investing” the SCA’s assets. Two of its companies — CCML and the Port Said Company for Engineering Works and Marine Construction — are being transferred to the company. CCML was among the 32 companies named on the Egyptian government’s privatization list earlier this year.

This is the second Suez Canal IPO announcement this month: The board of the Suez Canal Economic Zone earlier this month agreed to sell a 20% stake in the Port Said Container and Cargo Handling Company on the Egyptian bourse.