The fair values of Port Said Container and Cargo Handling Company (PSCCHC) and Damietta Container and Cargo Handling Company (DCHC) have been identified and sent to the Financial Regulatory Authority (FRA) for approval, in preparation for offering the two companies on the Egyptian Exchange, according to sources. The sources added that Phoebe for financial consulting, the independent financial advisor who prepares fair values, finished it about a week ago, and it was sent to the FRA. The sources indicated that the Qatar Investment Authority and the Abu Dhabi Ports Authority are interested in buying stakes in the two companies, and the deal is currently being negotiated. The sources pointed out that if the sale of a share to strategic investors is completed, this will not hinder offering shares of companies on the Egyptian Exchange, which is expected to be completed during the first half of this year. The Securities Listing Committee on the Egyptian Exchange approved the temporary listing of Damietta Container and Goods Handling Company's shares. The company's capital is about EGP 200m, divided into 20 million shares, with a nominal value of EGP 10 per share, according to an official statement. The shares will be offered during 4 issues, 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 6 months from the date of temporary registration. The authority placed the company's shares within the transportation and freight services sector, so that its shares would be listed as of 18 December. The Egyptian Exchange Securities Listing Committee had previously listed the shares of Port Said Company for Handling Containers and Goods temporarily, with a capital of EGP 164.1m, distributed over 32.8 million shares, with a nominal value of EGP 5 per share.
