HSBC to Manage AMOC’s Share Sales

HSBC to Manage AMOC’s Share Sales

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.

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