Sources from the Egyptian government stated that 10% of the Abu Qir Fertilizers and Chemicals Industries Company was sold for EGP 2.25 billion.<\/p>\n
The sources said that the Egyptian government is in the process of implementing the secondary offering later in Thursday’s trading session.<\/p>\n
By 0806 GMT, the stock of Abu Qir Company on the Egyptian Stock Exchange jumped to 21 pounds, up 14%, after it was down 2.1% yesterday.<\/p>\n
The government’s stake in the company amounted to 41.3% after the deal was executed.<\/p>\n
In March 2018, the Egyptian government revealed its intention to offer minority stakes in 23 companies on the stock exchange, as part of a program to raise EGP 80 billion within 24 to 30 months.<\/p>\n
About 21 months have passed, and the government offered only 4.5 percent of the shares of the Eastern Tobacco Company in 2019, in addition to a part of the Egyptian company “E-Finance” for financial and digital investments earlier this year.<\/p>\n
The market value of Abu Qir Company is about EGP 23 billion, and the company’s paid-in capital is EGP 1.892 billion, distributed over 1.261 billion shares, with a nominal value of 1.5 pounds per share.<\/p>\n
The offering found great interest from investors, and it was covered more than once by foreign, Arab and Egyptian investors, in addition to a share for the company’s workers union.<\/p>\n
According to press sources, the share price in the offering was EGP 17.80.<\/p>\n
Al-Ahly Pharos, CI Capital, Hermes and Renaissance Capital promoted and covered the offering.<\/p>\n
It is noteworthy that the Egyptian government recently announced a package of incentives to support the stock market and improve the investment and business environment, with the aim of supporting the capabilities and competitiveness of the stock exchange, and increasing its ability to attract foreign investments.<\/p>\n
The new incentives also included the abolition of the stamp tax on stock market transactions for the resident investor, and the deduction of all trading expenses, the preservation of shares and other tax base.<\/p>\n
Egypt is targeting four initial offerings on the stock exchange before the end of the current fiscal year, according to statements by Egyptian Deputy Finance Minister Ahmed Kajouk earlier this week.<\/p>\n
The Egyptian Prime Minister, Mostafa Madbouly, said in statements last month that his country intends to offer 5 to 6 state-owned companies on the stock exchange before the end of the current fiscal year, which ends in June 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"
Sources from the Egyptian government stated that 10% of the Abu Qir Fertilizers and Chemicals Industries Company was sold for EGP 2.25 billion. The sources said that the Egyptian government is in the process of implementing the secondary offering later in Thursday’s trading session. By 0806 GMT, the stock of Abu Qir Company on the […]<\/p>\n","protected":false},"author":4,"featured_media":214913,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[160,278],"class_list":["post-214912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-egypt","tag-featured"],"yoast_head":"\n