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Breaking: Selling 10% of “Abu Qir” shares for $143 million

EFG Hermes, said today that the publishing and underwriting sector, which specializes in completing major investment companies in emerging markets, succeeded in providing advisory services for the sale of about 126.2 million shares of Abu Qir Fertilizers and Chemical Industries Company.

That’s a value of 10% of the company’s capital shares, which amounted to EGP 2.2 billion (equivalent to 143 million dollars).

A source told “Masrawy” website, that the offering price was EGP 17.8/share, while the share price today’s trading amounted to about EGP 21.

He added that the offering of up to 10% of the shares of Abu Qir Fertilizers Company is a sale of this stake and not a capital increase.

EFG Hermes acted as the global coordinator and joint placement manager for the selling-party investors.

They are the National Investment Bank, the Industrial Development Authority, Al-Ahly Capital Holding, and the Chemical Industries Holding Company.