Damietta Containers and Port Said Containers to be listed on EGX in 1H 2023

Damietta Container & Cargo Handling Company and Port Said Container & Cargo Handling Company — which is the operator of the West Port Said Container Terminal — are preparing to offer part of their shares on the Egyptian Exchange (EGX) in the first half (1H) of 2023.

Sources told Daily News Egypt that the two companies plan to each offer about 15% of their shares on the EGX.

The sources added that CI Capital is serving as a financial adviser for the two offerings, while Fenby Financial Consulting will study their fair value and is scheduled to reach a conclusion within two months.

The Securities Listing Committee on the EGX approved in its session on Wednesday the temporary listing of the shares of the two companies.

According to an official statement, Damietta Containers’ capital is about EGP 200m divided into 20 million shares with a nominal value of EGP 10 per share.

The EGX also announced that the shares will be offered in four issuances, the first and second with a value of EGP 40m, the third with EGP 20m, and the fourth with the remaining amount of EGP 100m, provided that the offering is implemented within six months from the date of temporary registration.

Moreover, the EGX indicated that the companies’ shares will be listed as of Sunday 18 December.