November 30, 2021

Abu Qir Fertilizers’ offering on EGX to be promoted online


ArabFinance: The team responsible for Abu Qir Fertilizers nd Chemicals Industries Company’s (ABUK) offering on the Egyptian exchange (EGX) has set a plan to promote the offering online amid the Covid-19 pandemic, sources familiar with the matter told Al Mal Newspaper.

CI Capital and Renaissance Capital will act as the bookrunners of the offering and will promote for the offering in a number of the GCC countries, including the UAE, Saudi Arabia, and Kuwait, in addition to, some European countries, the UK, and the US, the sources highlighted.

A stake ranging between 10% and 15% in Abu Qir Fertilizers is set to be floated on the EGX, the sources noted.

The promotion plan is mainly based on the video conference system for various clients, funds, and financial institutions, they said.

The offering is still subject to the government offerings’ rules issued by the Cabinet in 2019, they pointed out.

In the same vein, the sources stressed that Al Ahly Capital Holding, the investment arm of the National Bank of Egypt (NBE), is seeking to retain its stake in Abu Qir Fertilizers as it does not intend to sell any of its owned shares in the awaited offering.

The shareholding structure of Abu Qir Fertilizers includes Chemical Industries Holding Co, Nasser Social Bank, Misr Insurance Co, Misr Life Insurance, and Egyptian Chemical Industries (Kima) (EGCH), in addition to, the free-float shares in the EGX.

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.

arabfinance


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