Abu Qir Fertilizers to promote up to 10% stake under government’s IPO program

Under the agreement, a block trading transaction of up to 10% of Abu Qir Fertilizers’ aggregate shares would be concluded

  
A trader works at the Egyptian stock market in Cairo .

A trader works at the Egyptian stock market in Cairo .

REUTERS/Mohamed Abd El Ghany

ArabFinance: NI Capital, the advisor on the government’s IPOs program, has informed Abu Qir Fertilizers and Chemicals Industries Company (ABUK) that four shareholders in the company seek to promote and market a percentage of the company’s shares, according to a statement filed to the Egyptian Exchange (EGX).

The four shareholders have signed an agreement with CI Capital for Promoting and Underwriting, Renaissance Capital Egypt for Promoting and Underwriting of Securities, EFG Hermes for Promoting and Underwriting, and Al Ahly Pharos Investment Banking.

Under the agreement, a block trading transaction of up to 10% of Abu Qir Fertilizers’ aggregate shares would be concluded.

These shareholders are namely the National Investment bank (NIB), the Industrial Development Authority (IDA), Al Ahly Capital Holding, and Chemical Industries Holding Co.

This comes in line with the government’s IPOs program of state-owned companies.

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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