CI Capital-led consortium to manage Enppi IPO

CI CapitalThe consortium of CI Capital, Jefferies International, and Emirates NBD Capital has been chosen as the investment bank to manage the initial public offering (IPO) of the Engineering for Petroleum and Process Industries (Enppi).

“The Ministry of Investment and International Cooperation, the Ministry of Petroleum and Mineral Resources and NI Capital announced on Tuesday that the consortium led by CI Capital, comprising of Jefferies International Limited and Emirates NBD Capital Limited was declared winner and its members to act as lead managers and bookrunners for the potential ENPPI IPO,” the Egyptian investment ministry said in an official statement.

The minister of investment and international cooperation, Sahar Nasr said, “We are keen to see the success of this IPO Program in broadening the ownership base in state-run companies through private sector participation, offered to both retail and institutional investors in Egypt and beyond.”

“The ENPPI IPO is only the beginning of a pipeline of state-run companies to offer minority shares publicly over the next year, while keeping majority stakes owned by the government in these enterprises, increasing the overall width and liquidity of Egypt’s’ stock market,” she added.

NI Capital, the sole advisor to the government on its IPO Program, received several bids from leading investment banks and consortia looking to manage the minority sale of ENPPI’s share, the statement noted.

This announcement marks the first real step in fulfilling the government’s sponsored IPO program. The IPO Program led by the Ministry of Investment and International Cooperation reflects the Government’s long term commitment to economic reform, it added.

With current economic conditions stabilizing, the IPO Program is set to draw local and foreign interest and encourage investment in multiple strategic industries and sectors with future potential for growth and prosperity as well as increasing the transparency, enhancing good governance and disclosure practices of the companies to be listed.

Enppi

The Ministry of Investment and International Cooperation, The Ministry of Petroleum and Mineral Resources and NI Capital Announce CI Capital Investment Banking, Jefferies International Limited and Emirates NBD Capital Limited as ENPPI’s Winning Consortium.

The Ministry of Investment and International Cooperation, the Ministry of Petroleum and Mineral Resources and NI Capital announced today that the consortium led by CI Capital, comprising of Jefferies International Limited and Emirates NBD Capital Limited was declared winner and its members to act as lead managers and bookrunners for the potential ENPPI IPO. The Ministry of Investment and International Cooperation along with the Ministry of Petroleum and Mineral Resources are eager to see this transaction succeed, affording it all the support it merits.

The Minister of Investment and International Cooperation, H.E. Dr. Sahar Nasr said, “We are keen to see the success of this IPO Program in broadening the ownership base in state-run companies through private sector participation, offered to both retail and institutional investors in Egypt and beyond. The ENPPI IPO is only the beginning of a pipeline of state-run companies to offer minority shares publicly over the next year, while keeping majority stakes owned by the government in these enterprises, increasing the overall width and liquidity of Egypt’s’ stock market”.

Minister of Petroleum and Mineral Resources, Eng. Tarek El-Molla stated, “We believe that ENPPI is the best fitted company to inaugurate the IPO Program. ENPPI provides a good proxy to the thriving Egyptian oil and gas industry and will act as a flagship company to the government IPO program and to increase the overall sector diversification of the Egyptian stock market. The proceeds of the IPO will be efficiently utilized to expand existing and inject new investments into the oil and gas sector.”

NI Capital, the sole advisor to the government on its IPO Program, received several bids from leading investment banks and consortia looking to manage the minority sale of ENPPI’s share. NI Capital’s Chief Executive Officer and Managing Director, Ashraf Ghazaly said, “We are pleased to announce CI Capital – Jefferies International Limited – Emirates NBD Capital Limited as ENPPI’s minority share issue lead managers.”

CI Capital’s Executive Chairman & Group CEO, Mahmoud Attalla said, “Our Consortium is honored to be chosen as the first issue in the IPO Program. Our consortium members’ combined experience and capabilities will ensure the success of the IPO.”

This announcement marks the first real step in fulfilling the government’s sponsored IPO program. The IPO Program led by the Ministry of Investment and International Cooperation reflects the Government’s long term commitment to economic reform. With current economic conditions stabilizing, the IPO Program is set to draw local and foreign interest and encourage investment in multiple strategic industries and sectors with future potential for growth and prosperity as well as increasing the transparency, enhancing good governance and disclosure practices of the companies to be listed.

(Sources: Mubasher & Ministry of Investment and International Cooperation)

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