Abu Qir Fertilizers completed the sale of 10% of its shares for EGP 2.25 bn (c. USD 143 mn), according to a statement published on the bourse
The company’s long-awaited secondary offering on the EGX was priced at EGP 17.80 per share, valuing Abu Qir at EGP 22.47 bn.
Abu Qir’s stock price surged on news of the sale, rising by the maximum 20% during a single trading session on Thursday to close at EGP 22.11. The company is now the second-biggest listed company by market cap, valued at EGP 27.9 bn.
The National Investment Bank, the largest shareholder, reduced its stake from 24.9% to 21.5%, selling 42.4 mn shares. The Industrial Development Authority’s stake went down from 12.7% to 10.1%, after it sold 32.7 mn shares, Al Ahly Capital Holding’s shares went from 7.2% to 4.2%, after it sold 37.9 mn shares, and the Chemical Industries Holding Company sold down its stake in the company to 5.5% from 6.5%, selling 13.2 mn shares (disclosure, pdf).
Local institutional players as well as regional and international frontier emerging markets specialists, joint financial advisor and bookrunner on the issuance Renaissance Capital said in a statement.
