Abu Dhabi Sovereign Fund acquires stakes of 5 Egyptian companies

CAIRO - 12 April 2022: ADQ Holding, one of Abu Dhabi's sovereign funds, has acquired stakes in 5 companies listed on the Egyptian Stock Exchange (EGX), according to data from the acquired companies, to the stock exchange, Tuesday.

 

The deals include acquiring stakes in the Commercial International Bank (CIB), Fawry, Alexandria Container & Cargo Handling Company, Misr Fertilizers Production Co. (MOPCO), and Abu Qir Fertilizers.

 

The value of the share purchased from Fawry Company is the largest, as it amounted to $911.5 million, through purchasing approximately 340 million shares.

 

According to Bloomberg, the total value of the acquisition of the shares of the five Egyptian companies exceeds LE 28.5 billion.

 

Deal details

 

The EGX indicated in separate statements that the deals were carried out through the mechanism of large-volume deals.

 

The transactions included more than 340 million CIB shares, with a paid-out amount of approximately $911.5 million.

 

It included about 46 million shares of Misr Fertilizers Production Company, valued at $266.6 million.

 

Another deal included 271.6 million shares of Abu Qir Fertilizers and Chemical Industries for about $392 million.

 

The announced data also revealed the purchase of 215 million shares of Fawry for banking and electronic payments technology, with an amount of $86.6 million.

 

It also included 476.7 million shares of Alexandria Container & Cargo Handling Company, compared to $186 million.