AMOC to Offer Shares on Stock Market

AMOC to Offer Shares on Stock Market

The Chairman of Egypt’s Alexandria Mineral Oils Company (AMOC), Amr Mostafa, said that  the company plans a secondary offering of 10-20% of its shares on the Cairo stock market and will also issue 10% a global depository receipts in London, Africa M.E informed.

He added: “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,” Reuters  reported.

On January 22nd, it announced a first-half net profit of $30.5m up from around $10m a year earlier. Mostafa said he expects a similar profit in the second half.

It is worth noting that the company is moving into oil refining and will start operations at its Midor refinery next month.

AMOC’s biggest shareholder is state-run Alexandria Petroleum Company with a 20% stake. Two other state oil companies each own 3.6% stakes and various banks and investment funds own 52% of the company. The company first floated on the Cairo exchange in 2005.

Dr. Mahinaz El-Baz 318 Posts

Mahinaz El Baz received her PhD degree in International Economics from Helwan University in 2022. She has +10 years of experience in journalism and economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.


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