Cairo – The Egyptian Ministries of Petroleum and Finance have settled the dispute between Misr Fertilizers Production Co's (Mopco) Egyptian Nitrogen Products Company (ENPC) and Canada’s Nutrien, formerly Agrium.
The move is part of the Egyptian government’s efforts to create a conductive investment environment by settling all disputes with investors, according to a statement on Monday.
The agreements include the transfer of ownership of Agrium’s 26% stake in Mopco amounting to 59.57 million shares to the Ministry of Finance.
Agrium will drop all the lawsuits raised against the Egyptian government and its affiliated companies.
Earlier on Monday, the Egyptian Exchange (EGX) announced a block-trading deal on the shares of Mopco as part of the transaction.
Source: Mubasher
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