By Mahmoud Salaheddin

Cairo-Mubasher: The Holding Company for Maritime and Land Transport (HCMLT) is ready to amend the status of Alexandria Container and Cargo Handling Co. (ACCHC) through increasing the free float, said HCMLT Chairman Mohammed Youssef.

On the sidelines of a press conference, Youssef told Mubasher that the move will be effected through increasing capital, noting that his company contracted a specialised office to carry out the evaluation.

The procedures will be submitted to the investment ministry for completion, the chairman said.

ACCHC’s free float reaches 4.28%, while the capital market law stipulates that free float should not be less than 10% of the company’s total ownership structure.

Youssef added that his company plans to carry out some projects on Suez Canal Corridor, such as East Port Said container terminal, with investments of about $700 million, as well as the development of West Port Said container terminal.

HCMLT will purchase 600 buses for three subsidiaries in 2016 at a total value of EGP 1 billion.

Translated by Abdul Maguid Aboshahla