{"id":545818,"date":"2022-04-13T04:04:33","date_gmt":"2022-04-13T04:04:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/adq-makes-grand-entry-into-the-egx-with-usd-1-8-bn-buy-launches-first-mena-spac-with-chimera\/"},"modified":"2022-04-13T04:04:33","modified_gmt":"2022-04-13T04:04:33","slug":"adq-makes-grand-entry-into-the-egx-with-usd-1-8-bn-buy-launches-first-mena-spac-with-chimera","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/adq-makes-grand-entry-into-the-egx-with-usd-1-8-bn-buy-launches-first-mena-spac-with-chimera\/","title":{"rendered":"ADQ makes grand entry into the EGX with USD 1.8 bn buy + launches first MENA SPAC with Chimera"},"content":{"rendered":"<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>A<\/strong><strong>bu<\/strong><strong> Dhabi wealth fund ADQ acquired state-owned stakes in five EGX-listed <\/strong><strong>companies yesterday<\/strong> as part of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b620f717-d83d-4c48-906c-a85dca2eff2a\">an agreement<\/a> reached last month to provide Egypt with emergency liquidity as we grapple with fallout from Russia\u2019s war in Ukraine.<\/p>\n<p><strong>The fund purchased shares in CIB, Fawry, Abu Qir Fertilizers, Mopco, and Alexandria Container & Cargo Handling for around USD 1.8 bn<\/strong>, according to EGX data yesterday. The bourse didn\u2019t name the buyer, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/173a4bd1-68e9-478a-8422-135f238e0210\">but as we noted last month<\/a>, the government had agreed to sell stakes in each of these five companies to ADQ as part of an investment package worth up to USD 2 bn.<\/p>\n<p><strong>The breakdown<\/strong> (by our math):<\/p>\n<ul>\n<li><strong>CIB:<\/strong> A 17.15% stake in the leading private sector bank was sold for <a href=\"https:\/\/ent.news\/2022\/4\/CIB-ADQ.jpg\">USD 911.5 mn<\/a>, at an average price of USD 2.68 per share.<\/li>\n<li><strong>Abu Qir:<\/strong> A 21.5% stake <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1639aada-b701-42c4-be0f-f70c6d09ea07\">owned by the National Investment Bank<\/a> was sold for <a href=\"https:\/\/ent.news\/2022\/4\/Abu-Qir-ADQ.jpg\">USD 391.9 mn<\/a>, at an average price of USD 1.44 per share.<\/li>\n<li><strong>Mopco<\/strong><strong>: <\/strong>A 20% stake in Mopco was sold for <a href=\"https:\/\/ent.news\/2022\/4\/Mopco-ADQ.jpg\">USD 266.6 mn<\/a>, at an average price of USD 5.82 per share.<\/li>\n<li><strong>Alex Containers:<\/strong> A 32% stake in Alexandria Container & Cargo Handling was sold for <a href=\"https:\/\/ent.news\/2022\/4\/Alex-Cargo.jpg\">USD 186.1 mn<\/a>, at an average price of USD 0.39 per share.<\/li>\n<li><strong>Fawry:<\/strong> An 11.8% stake in fintech player Fawry was sold for <a href=\"https:\/\/ent.news\/2022\/4\/Fawry-ADQ.jpg\">USD 54.9 mn<\/a>, at an average price of USD 0.27 per share.<\/li>\n<\/ul>\n<p><strong>Shares rose on the news: <\/strong>Fawry saw the biggest gain during trading yesterday, closing the session up 4.9% at EGP 4.94 per share. Meanwhile, Abu Qir rose 3.6%, to close at EGP 24.75, Mopco gained 2.5% (closing at EGP 97.30) and CIB rose almost 2% to end the session at EGP 44.00. The outlier was Alex Containers, which fell 1.4%, closing the day at EGP 7.60.<\/p>\n<p><strong>Who were the sellers? <\/strong>NBE and Banque Misr were the sellers of stakes in both CIB and Fawry, <a href=\"https:\/\/alborsaanews.com\/2022\/04\/12\/1529830\">Al Borsa<\/a> reports, citing unnamed sources. The Finance Ministry sold ADQ a 20% stake in Mopco, reducing the size of FinMin\u2019s stake to 6%, the local outlet says. National Investment Bank reportedly made a complete exit from Abu Qir through its stake sale. And the Alex Containers stake was reportedly sold to ADQ by Alexandria Port Authority.<\/p>\n<p><strong>What about regulatory approvals? <\/strong>The CIB stake sale received approval from the Central Bank of Egypt (CBE) a few days prior to the transaction, according to Al Borsa. Anyone looking to take a stake of more than 10% in any Egyptian bank requires CBE approval under the Central Bank and Banking Act, and the CBE\u2019s sign-off before taking a board seat and appointing someone to fill that vacancy.<\/p>\n<p><strong>ADQ already has a strong portfolio of Egyptian investments:<\/strong> In 2019, ADQ <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/17\/egypts-tharaa-establishes-a-usd-20-bn-investment-platform-with-abu-dhabi-holding-company-6357\/\">established a USD 20 bn joint investment fund<\/a> with the Sovereign Fund of Egypt to channel funds into a variety of industries and assets. The wealth fund has had plenty of appetite for acquisitions in Egyptian companies: Its latest blockbuster transaction was its acquisition of leading real estate developer <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b73926df-08a8-4acd-8f9a-cb4c466c694f\">SODIC<\/a><\/strong> alongside Aldar Properties last year. ADQ also acquired 99% of Bausch Health\u2019s local pharma outfit <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/963f2cc8-97fe-4ad7-a4ca-650c06117651\">Amoun Pharma<\/a><\/strong>, as well as 75% of <strong>Atyab<\/strong> brand owner <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248e5d41-7c58-42ed-abe9-f67d9ac74995\">Ismailia Agricultural and Industrial Investments<\/a>.<\/p>\n<p><strong>Speaking of ADQ: <\/strong>Chief Executive Officer Mohamed Hassan Alsuwaidi <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-11\/abu-dhabi-developer-aldar-names-adq-chief-ihc-s-laksy-to-board?sref=mmeFTDW1\">joined Aldar\u2019s board of directors<\/a> earlier this week.<\/p>\n<p style=\"font-size: 18px; font-weight: bold;\">ADQ and Chimera to launch first MENA SPAC listing<\/p>\n<p><strong>It was a huge day for ADQ, which also announced the launch of the <\/strong><strong>first MENA-based SPAC<\/strong> in cooperation with our friends at Chimera. The fund and <a href=\"https:\/\/www.chimerainvestment.com\/Website\/en\/\">Chimera\u2019s PE arm<\/a> yesterday announced the establishment of their SPAC, dubbed ADC Acquisition Corporation, which hopes to raise AED 367 mn (EGP 1.85 bn) through an IPO on the Abu Dhabi exchange. The ADX paved the way for the move when it issued its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5411ed2a-aa29-492a-913e-688f686f1868\">SPAC regs<\/a> back in February. The listing is subject to market conditions (which are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dce19337-3cbf-4e29-9c79-b5d5a36261e2\">less than ideal<\/a> for SPACs right now) and all the usual regulatory approvals.<\/p>\n<p><strong>Abu Dhabi has pipped us to the post for MENA\u2019s first SPAC \u2014 but don\u2019t rule out involvement from Egyptian firms. <\/strong>The blank-check firm will look to merge with one or more \u201cfast-growing, technology-driven businesses with strong management teams and attractive valuations\u201d across the MENA region, according to a <a href=\"https:\/\/adq.ae\/media\/news\/adq-and-chimera-investments-partner-to-launch-uaes-first-spac-on-adx\">joint statement<\/a>. We had expected to see <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a15c05fc-a3a2-41f6-90c8-e99e58fafca5\">Egypt\u2019s first SPAC<\/a> established early this year, but we\u2019ve heard nothing on that front recently (unsurprisingly, given that the effects of war in Ukraine have most policymakers in crisis-management mode.)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Abu Dhabi wealth fund ADQ acquired state-owned stakes in five EGX-listed companies yesterday as part of an agreement reached last month to provide Egypt with emergency liquidity as we grapple with fallout from Russia\u2019s war in Ukraine. The fund purchased shares in CIB, Fawry, Abu Qir Fertilizers, Mopco, and Alexandria Container &#038; Cargo Handling for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":545819,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[548,299,576,240,72,519,7128,1434,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-abu-qir-fertilizers","tag-adq","tag-banque-misr","tag-cib","tag-enterpriseam","tag-fawry","tag-ma-watch","tag-mopco","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"b4a11664-2159-45ba-ba2f-bf0d3dfd3978","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/223.jpg","photo_position":"above","related_issue":[545814],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ADQ makes grand entry into the EGX with USD 1.8 bn buy + launches first MENA SPAC with Chimera - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/adq-makes-grand-entry-into-the-egx-with-usd-1-8-bn-buy-launches-first-mena-spac-with-chimera\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADQ makes grand entry into the EGX with USD 1.8 bn buy + launches first MENA SPAC with Chimera\" \/>\n<meta property=\"og:description\" content=\"Abu Dhabi wealth fund ADQ acquired state-owned stakes in five EGX-listed companies yesterday as part of an agreement reached last month to provide Egypt with emergency liquidity as we grapple with fallout from Russia\u2019s war in Ukraine. 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A senior exec at NIB would neither\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544868,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/24\/adq-is-buying-a-lot\/","url_meta":{"origin":545818,"position":1},"title":"ADQ is buying \u2026 a lot","author":"enterpriseam admin","date":"24 March 2022","format":false,"excerpt":"Abu Dhabi wealth fund ADQ is acquiring state-held stakes in Abu Qir Fertilizers, Mopco, and Alexandria Container & Cargo Handling, Bloomberg reports, citing a source it says has knowledge of the matter. Bloomberg\u2019s source did not disclose further details on how much the government has agreed to sell or an\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/339.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545860,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/abu-dhabi-sovereign-fund-confirms-blockbuster-egx-stake-buys-could-abu-auf-be-next-in-line-for-adx-investment\/","url_meta":{"origin":545818,"position":2},"title":"Abu Dhabi sovereign fund confirms blockbuster EGX stake buys + Could Abu Auf be next in line for ADX investment?","author":"enterpriseam admin","date":"14 April 2022","format":false,"excerpt":"ADQ speaks on EGX acquisitions: Abu Dhabi wealth fund ADQ has confirmed its acquisition of stakes in five EGX-listed companies this week, saying in a statement yesterday that the move reflects its \u201ccontinued confidence in Egypt\u2019s strong economic potential.\u201d The fund acquired shares in CIB, Fawry, Abu Qir Fertilizers, Mopco,\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545021,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/national-bank-of-egypt-ups-stake-in-fawry-is-a-stake-sale-to-adq-next\/","url_meta":{"origin":545818,"position":3},"title":"National Bank of Egypt ups stake in Fawry \u2014 is a stake sale to ADQ next?","author":"enterpriseam admin","date":"31 March 2022","format":false,"excerpt":"Another state-owned bank appears to have just bought a chunk of Fawry, likely setting up the sale of the government-controlled stake to Abu Dhabi\u2019s ADQ. 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The Saudi Egyptian Investment Company (SEIC), the newly-established Egypt investment arm of the Public Investment Fund, purchased shares in Misr Fertilizers Production Company (Mopco), Abu Qir\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/212.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545594,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/05\/pif-could-invest-in-al-wataniya-siemens-power-plants-adq-could-buy-stakes-in-unlisted-egyptian-firms-soliman\/","url_meta":{"origin":545818,"position":5},"title":"PIF could invest in Al Wataniya, Siemens power plants + ADQ could buy stakes in unlisted Egyptian firms -Soliman","author":"enterpriseam admin","date":"5 April 2022","format":false,"excerpt":"Wataniya + Siemens power plants on the table for Saudi PIF: Saudi Arabia\u2019s sovereign wealth fund could take stakes in military-owned Wataniya Petroleum (a national operator of filling stations) and the three Siemens-built power plants as part of its proposed USD 10 bn investment in Egypt, the head of Egypt\u2019s\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/125.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545818"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545818\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545814"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545819"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545818"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545818"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}