Egypt - Informed sources told Daily News Egypt (DNE) that Egypt Aluminium has chosen Premier Securities Brokerage to determine the fair value of the company’s shares before the Saudi Public Investment Fund’s acquisition of a 20-25% stake in the expected capital increase. The sources added that the choice came after a comparison between several offers from various companies, pointing out that the study may take about a month. The Saudi Sovereign Fund is awaiting the approval of the Egyptian Financial Regulatory Authority (FRA) to increase the capital of Egypt Aluminium for subscription by about 65%. The company revealed earlier that it is currently studying a capital increase through a “strategic investor” to help it finance development operations and maintain its current production capacity of 320,000 tonnes annually. The company owned by the Holding Company for Metal Industries is eyeing a $320m overhaul and has hired engineering giant Bechtel to conduct a feasibility study for the development.
