Beirut (APD) - Twelve Egyptian, Arab and foreign companies including Egypt Kuwait Holding Company (EK Holding) have expressed their interest to acquire a 50% stake in Egypt's Alexandria Mineral Oil Company (AMOC).
The National Bank of Egypt (NBE), which represents the public sector shareholders in AMOC, has received letters of intent from these companies for the acquisition of a 50% stake in AMOC representing 43.05 million of its shares, the Kuwait-based al Qabas daily reported Monday.
"The bids came from Kuwaiti, Egyptian, Saudi and Indian companies," said Nourhan Galal a managing director in Commercial International Investment Company (CIIC) which was appointed by the Egyptian government to organize the sale of AMOC.
Earlier in May, the Egyptian government had opened the bid submission period for companies willing to acquire a stake in AMOC.
"The offers came from three Indian companies Isar Petroleum, Indian Petroleum Corporation, and Indian Mineral Oils, in addition to three Saudi firms including one of the companies owned by Saudi billionaire Prince Al Walid Bin Talal. There also were two offers from Kuwait, one from [Kuwait] International Investment Company and the other from Noor Financial [Investment Company]," Galal added.
She disclosed that Al Qalaa Investment - an Egyptian Gulf joint-venture - and EK Holding were also among the companies that submitted their acquisition requests.
The Giza-based investment firm EK Holding), had announced earlier in March its intention to acquire up to 80% of AMOC.
"Those investors that will be accepted will be notified within a week and they will be allowed to access all reports and information necessary for financial, legal and technical due diligence inspection for a period of 45 days starting from the day following the notification date," Galal said.
Established in 1997, AMOC is involved in the production of and marketing of mineral oils and paraffin waxes. The company has an authorized capital of LE 2 billion ($343.6 million) and a paid-up capital of LE 861 million ($148 million) distributed on 86.1 million shares with a par value of LE 10 per share.
Shares in AMOC rose by LE 1.61 or 2.12% to LE 77.59 on Monday in late afternoon trading on Monday. [TS]
By Shikrallah Nakhoul, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
