Abu Qir Fertilizers appoints financial advisor for methanol project

The financial advisor will be responsible for arranging the required financing for the methanol and ammonia project

  
The plant of Egyptian Fertilizers Company (EFC) is seen at the desert road of Suez city north of Cairo, Egypt August 14, 2016. Image used for illustrative purpose.

The plant of Egyptian Fertilizers Company (EFC) is seen at the desert road of Suez city north of Cairo, Egypt August 14, 2016. Image used for illustrative purpose.

REUTERS/Amr Abdallah Dalsh

ArabFinance: The board of directors of Abu Qir Fertilizers and Chemicals Industries Company (ABUK) approved to appoint Al Ahly Capital Holding as the financial advisor for the International Company for Methanol and Derivatives (under establishment), the company revealed in a statement.

The financial advisor will be responsible for arranging the required financing for the methanol and ammonia project set to be built in the Suez Canal Economic Zone (SCZone), according to the statement.

It is worth noting that Abu Qir Fertilizers reported an 87.84% year-on-year growth in net profit after tax for the first quarter (Q1) of fiscal year (FY) 2021/2022, recording EGP 1.289, compared to a profit of EGP 686.55 million in Q1 FY 2020/2021.

Abu Qir Fertilizers is an Egypt-based company engaged in the agricultural chemicals sector. The company focuses on the production, distribution, and export of fertilizers, chemicals, and related products.

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