Alexandria Mineral Oils Company (AMOC) chose the BNY Mellon bank to run its global depositary receipt (GDR) program, reported Reuters.

An official at AMOC stated to Egyptian Media that the company will sign the agreement with the bank end-March, after hiring Baker and McKenzie as the legal consultant, which will help the company decide the GDR percentage.

AMOC is considering launching 10% of its stakes through the GDR in London’s Stock Market, as well as launching 10% to 20% of the stakes in the Egyptian Exchange Market (EGX).

AMOC can launch up to 30% of its stakes through the GDR, but it is waiting for the assessment of Baker and Mckenzie to take the final decision.

In related news, AMOC‘s Chairman, Amr Mostafa, had informed: “I think AMOC will be the first company listed as part of the government listings program. The listing will come out of the principal shareholder’s share or from more than one shareholder’s shares.”