{"id":71400,"date":"2023-06-12T00:00:00","date_gmt":"2023-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/06\/12\/sczone-lines-up-20-ipo-of-port-said-terminal-operator\/"},"modified":"2023-06-12T00:00:00","modified_gmt":"2023-06-12T00:00:00","slug":"sczone-lines-up-20-ipo-of-port-said-terminal-operator","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/06\/12\/sczone-lines-up-20-ipo-of-port-said-terminal-operator\/","title":{"rendered":"SCZone lines up 20% IPO of Port Said Terminal Operator"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Egypt\u2019s Port Said terminal operator to sell 20% stake on Egyptian exchange:<\/span><span style=\"\"> The <\/span><span>Suez Canal Economic Zone\u2019s (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/sczone.eg\/ar\/\" style=\"\">SCZone<\/a><\/span><span>) board of directors signed off Thursday on the sale of a 20% stake in Port Said Container and Cargo Handling (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.pscchc.com\/index.aspx?pg_lg=en\" style=\"\">PSCCHC<\/a><\/span><span>) in an IPO on the EGX as part of the Egyptian government\u2019s renewed privatization push, according to an SCZone <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/42Aiydk\" style=\"\">statement<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember:<\/span><span> PSCCHC has been in line for an IPO since December when it temporarily <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76234ede-1220-4d46-b3a6-b497f60771d7\" style=\"\">listed its shares on the EGX<\/a><\/span><span style=\"font-weight:400;\">. The company had six months with which to complete regulatory procedures under recent changes to Egypt\u2019s securities regulations, a time period which elapsed last week. Companies are allowed to ask Egypt\u2019s Financial Regulatory Authority for a six-month extension if they haven\u2019t completed IPO procedures by the initial deadline.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Expect developments in the coming weeks:<\/span><span> The company will begin the offering \u201cvery soon,\u201d sources told <\/span><span>Enterprise<\/span><span style=\"font-weight:400;\">AM.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The company has attracted interest from regional players:<\/span><span> Qatar\u2019s sovereign wealth fund the Qatar Investment Authority (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.qia.qa\/en\/Pages\/default.aspx\" style=\"\">QIA<\/a><\/span><span>) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d2b9979-bfbb-4862-9963-dbd2fcdc388a\" style=\"\">submitted an offer<\/a><\/span><span> earlier this year to acquire a majority stake in the terminal operator, along with shares in Egypt\u2019s Damietta Container & Cargo Handling Company (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/dchc.com.eg\/\" style=\"\">DCHC<\/a><\/span><span style=\"font-weight:400;\">). Nothing has been heard about the talks since, and though details of the negotiations remain unclear, it has been said that Egypt\u2019s Transport Ministry is reluctant to cede majority control in state-owned companies.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The offering has been in the pipeline for six months<\/p>\n","protected":false},"author":1,"featured_media":71401,"comment_status":"","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":[229],"tags":[17,228,549,598],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-71400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-enterprise-logistics","tag-ipo-watch","tag-port","tag-sczone","wpautop","entry"],"acf":{"mongo_id":"4a66face-06d6-46a1-808b-7900ab516f71","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/511.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SCZone lines up 20% IPO of Port Said Terminal Operator","related_issue":[71389],"teaser":"The offering has been in the pipeline for six months","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.fb2ea4b1-21fd-4c5c-ac5c-d8c9824af4fe.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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