Alexandria Mineral Oils Company (AMOC) has chosen British bank HSBC to manage its share sales on the Egyptian Exchange later this year, a source close to the transaction told Enterprise.

AMOC is expected to offer 30% of its equity on the exchange later this year as part of a renewed push by the government to privatize state assets.

The company’s stock price fell 50 basis points on September 10 following the announcement.

On the same day, a new feasibility study projected that AMOC’s new refinery will cost up to $1 billion to construct. This is double the original $500 million cost estimate.