30% of Abu Qir Fertilisers to be offered on EGX: Tarek El-Molla

Mohamed Samir
1 Min Read

Minister of Petroleum Tarek El-Molla announced on Friday that 30% of Abu Qir Fertilisers (ABUK) shares will be offered on the Egyptian stock exchange (EGX).

These shares represent 12.7% of the Industrial Development Authority’s ownership, 8.1% of Al Ahly Capital Holding, 2.7% of the Egyptian Chemical Industries Company (KIMA), 1.5% of Chemical Industries Holding Company, and 5% of National Investment Bank.

Egypt aims to raise EGP 8-10bn ($450m-$560m) from floating shares in state-owned companies in fiscal year (FY) 2018/2019, Deputy Finance Minister Ahmed Kouchouk said in July.

The government is launching an IPO programme that will offer minority stakes in dozens of state-owned companies over the next three to five years, in areas such as petroleum, services, chemicals, shipping, maritime, and real estate, to help boost state finances.

Egypt announced the names of the first five state companies that will offer shares this year. The companies are Alexandria Mineral Oils Company, Eastern Tobacco, Alexandria Container and Cargo Handling, ABUK, and Heliopolis Housing, a cabinet statement read.

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Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/
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