The Holding Company for Maritime & Land Transport’s (HCMLT) BoD recently approved transferring 13% of its 33% stake in the Egyptian Group for Multipurpose Terminals (EGMT) which is to own/develop eight berths (55-62) in Alexandria’s port, to Alexandria Containers & Cargo Handling Company (ALCN), noting that EGMT’s authorized capital is EGP500mn. Post this move, Alexandria Port Authority, Suez Canal Authority, and HCMLT will hold respective stakes of 34%, 33%, and 20% in EGMT, in addition to ALCN’s 13% stake. We note that HCMLT and APA own stakes of c.55% and c.40% in ALCN, respectively.
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