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<\/p>\n
The company\u2019s long-awaited secondary offering on the EGX was priced at EGP 17.80 per share, valuing Abu Qir at EGP 22.47 bn.<\/p>\n
Abu Qir\u2019s 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.<\/p>\n
\u00a0The National Investment Bank<\/strong>, the largest shareholder, reduced its stake from 24.9% to 21.5%, selling 42.4 mn shares. The Industrial Development Authority\u2019s <\/strong>stake went down from 12.7% to 10.1%, after it sold 32.7 mn shares, Al Ahly Capital Holding\u2019s<\/strong> shares went from 7.2% to 4.2%, after it sold 37.9 mn shares, and the Chemical Industries Holding Company<\/strong> sold down its stake in the company to 5.5% from 6.5%, selling 13.2 mn shares (disclosure, pdf).<\/p>\n \u00a0L<\/strong>ocal 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.<\/p>\n","protected":false},"excerpt":{"rendered":" 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<\/p>\n","protected":false},"author":4,"featured_media":320765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[],"class_list":["post-324161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-markets"],"yoast_head":"\n