Cairo – Mubasher: The Financial Regulatory Authority (FRA) approved the issuance and listing of Alexandria Mineral Oil Company's (AMOC) global depository receipts (GDRs) on London Stock Exchange (LSE).
The maximum limit of AMOC's GDR issue is one-third of the company's stocks valued at EGP 861 million and should not to exceed its 38.78% stake of free-float stocks on the Egyptian Exchange (EGX), according to a bourse filing on Tuesday.
AMOC has to inform the FRA about GDR issue statements after completing all regulatory requirements.
In September, AMOC's board of directors approved the appointment of Bank of America Merrill Lynch and Baker McKenzie to lead and manage the company's GDR issue on the LSE.
AMOC’s capital amounted to EGP 861 million, divided on 86.1 million shares with a par value of EGP 10 per share.
The mineral oils firm last posted a net profit of EGP 1.1 billion in the fiscal year 2016/2017, compared to EGP 435.4 million in the same period last year.
