The Suez Canal Authority to offer 20% of Canal Mooring and Lights in an IPO

CAIRO - 21 June 2023:Chairman of the Suez Canal Authority (SCA), Osama Rabie,  confirmed that the authority will offer 20 percent of the Canal Company for Mooring and Lights (CCML) on the Egyptian Stock Exchange in an initial public offering (IPO) today, after its inclusion in a holding company.

Rabie also said today that Suez Canal Authority’s revenues amounted to $9.4 billion in the 22/23 fiscal year, achieving the highest rate of transit of 25,887 ships and the highest annual net tonnage for a fiscal year of 1.5 billion tons.

This came on the sidelines of a press conference held by the Authority within the framework of the project to develop the southern sector of the Canal in Suez Governorate.

CCML will be transferred to the newly established holding company that will obtain ownership of some SCA companies earmarked for privatization.

Rabie also added that the SCA is trying to exploit its assets and its subsidiaries through various operating activities, in addition to the authority conducting a study to exploit some low-production companies, by offering their shares on the stock exchange.

Earlier this June, the Suez Canal Authority announced that it will have a new holding company after the cabinet approved the establishment of the Suez Canal Holding Company for Industries and Naval Services and Investments.

The holding company owns The Port Said Engineering Works and Marine Construction and is responsible for managing and investing its new assets and aims to develop the national economy.