Egypt’s investment bank Prime Holding studies submitting a formal proposal to NI Capital to win a mandate on the state-owned Enppi’s planned initial public share offering, its vice chairman Mohamed Maher said Thursday.
NI Capital is the state financial advisor, seeking to complete listing 24 percent of oil firm Enppi’s shares on the Egyptian stock exchange between six and nine months. It has earlier invited local and international investment banks to submit their technical offers in order to win the management of Enppi’s IPO.
Prime is conducting studies before submitting the technical and financial offer to promote and underwrite Enppi’s IPO, Maher added.
“Making an alliance with another investment bank to run the IPO is still understudy subject to a number of standards and conditions related to the offering.” Prime’s vice chairman further told Amwal Al Ghad.
The presidency announced in January 2016 that Egypt would offer shares of “successful” state-owned companies and banks on the local bourse – its first public offering of government-owned firms since 2005, when it offered shares in Telecom Egypt, AMOC, and Sidi Kerir.
Enppi was established in 1978, and is currently working under the Egyptian Investment Law 8 for 1997, with a paid in capital of $220 million. The state-run Egyptian General Petroleum Corporation (EGPC) is the principal shareholder owning 97 percent of the total shares.
Enppi is a major engineering and EPC contractor that provides full integrated engineering, procurement, construction supervision, and project management services for oil and gas, chemical, petrochemicals, power sectors and other related industries in Egypt, Middle East, North Africa, and South America.
“We seek to complete selecting the consultant for the listing between four and six weeks.’ Ashraf Ghazaly, chief executive of NI Capital, told Amwal Al Ghad in recent statements.
– Amwal Al Ghad