EFIC might not list Suez Fertilizers on EGX

Egyptian Financial and Industrial Company (EFIC) may call off the spinoff of subsidiary Suez Fertilizers, EFIC Chairman Ali El Sayad tells Al Borsa. Instead, the company will use increased export revenues in 2Q17 to fund its expansion. A fair value assessment by Pharos Holding and Misr Financial Investments Company have not been completed yet, says El Sayad. Suez Fertilisers was expected to list 40% of its shares on the EGX in 1Q17.