ADQ eyeing a stake in Kima?

ADQ in for a slice of Kima? Abu Dhabi wealth fund ADQ is eyeing a 20-25% stake in state-owned Egyptian Chemical Industries (Kima), Al Borsa reports, citing unnamed government sources. The stake sale is reportedly one of the financing options on the table for the second phase of Kima 2, the company’s nitric acid and ammonium nitrate plant in Aswan. Kima denied knowledge of the matter in an EGX disclosure (pdf) yesterday.

Kima 2 contract coming: The contract for the implementation of the project, which Kima on Tuesday said it would award to Italian contractor Maire Tecnimont, will be signed this week.The project will cost some USD 297 mn and will produce some 600 tons of nitric acid and 665 tons of ammonium nitrate a day once operational, with construction expected to take two years.