Egypt to privatise stevedore

Egypt says it will offer the public at least 948,600 shares in a cargo-handling company, its first privatisation in the port services sector.

The state Holding Company for Maritime Transport said it would sell at least 25 per cent of its United Arab Stevedoring at US$9 a share. The offered stake was increasable to 51 per cent of the firm, the parent company said in its call for applications. Another 7.4 per cent would be sold to employees.