AMOC agrees to transfer 5% stake in Alexandria Wax to General Petroleum

Rana Mamdouh

The Board of Directors of Alexandria Mineral Oils Company (AMOC) approved, at its meeting of August 5, 2019, the transfer of a 5% interest in Alexandria Wax Products, one of its companies held at Egyptian Egyptian Petroleum Corporation at the par value of the share.

The company said in a statement to the stock exchange today that this decision was in accordance with Law No. 159 of year 81 for joint stock companies, as amended by Law No. 4 of 2018 which stipulated that the ownership of the corporations should be divided between at least three companies.

According to the statement after the completion of the transaction, Amoc and PPM should share the transferred portion, each based on the percentage of original ownership in the company. The structure of the shareholding in Alexandria will be as follows:

– The number of shares of 8645 shares of Alexandria Mineral Oils Company and 86.45% of the capital.

– 855 shares of the English company PPM and 8.55% of the capital.

– 500 shares of the Egyptian company General Petroleum Corporation and 5% of the capital.

The Board of Directors has also approved the scope of the second phase of the Marot Refinery Project, which aims to convert the light products entrusted to Fluor to complete the studies.

The Council had also negotiated the cost of the study and had adopted the cost study and meeting and would be supported accordingly.

The study must take place in 25 weeks.

At the end of this phase, the company will have, depending on the scale of the activities, a detailed feasibility study for the project and a market study of the project's products and the selection of the licensed companies.

It should be noted that AMOC recorded a net profit of 329.3 million pounds from the beginning of July until the end of March, against a profit of 1.05 billion pounds during the same period from the previous year.

The Company attributed the decrease in net income (July to March) to higher feedstock costs and increased the value of sales in the Company's product line relative to the corresponding period;