{"id":545860,"date":"2022-04-14T04:10:03","date_gmt":"2022-04-14T04:10:03","guid":{"rendered":"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\/"},"modified":"2022-04-14T04:10:03","modified_gmt":"2022-04-14T04:10:03","slug":"abu-dhabi-sovereign-fund-confirms-blockbuster-egx-stake-buys-could-abu-auf-be-next-in-line-for-adx-investment","status":"publish","type":"post","link":"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\/","title":{"rendered":"Abu Dhabi sovereign fund confirms blockbuster EGX stake buys + Could Abu Auf be next in line for ADX investment?"},"content":{"rendered":"

<\/a> ADQ speaks on EGX acquisitions:<\/strong> Abu Dhabi wealth fund ADQ has confirmed its acquisition of stakes in five EGX-listed companies this week, saying in a statement<\/a> yesterday that the move reflects its \u201ccontinued confidence in Egypt\u2019s strong economic potential.\u201d The fund acquired shares<\/a> in CIB, Fawry, Abu Qir Fertilizers, Mopco, and Alexandria Container & Cargo Handling for around USD 1.8 bn as part of an agreement<\/a> reached last month to provide Egypt with emergency liquidity in response to the fallout from the Ukraine conflict.<\/p>\n

ADVISORY-<\/strong> Matouk Bassiouny & Hennawy acted as legal counsel to ADQ in the transaction, the law firm said (pdf)<\/a> yesterday.<\/p>\n

WATCH THIS SPACE- Is Abu Auf next in line? <\/strong>Agthia, the ADQ food subsidiary that acquired Ismailia, is in talks with Abu Auf\u2019s parent company AUF on a potential stake sale, Al Borsa reports, citing unnamed sources. The potential transaction is connected with AUF\u2019splans to list as much as 49%<\/a> of its shares on the EGX \u2014 which we had been expecting sometime this quarter \u2014 in an IPO quarterbacked by EFG Hermes, the newspaper claims. We know that ADQ is also targeting unlisted firms<\/a> as part of its USD 2 bn investment push. Agthia in early March reiterated<\/a> that it is pursuing further acquisitions in Egypt\u2019s frozen meat and fast food industries.<\/p>\n

Our friends at Abu Auf are tight-lipped:<\/strong> \u201cThe company is continuously studying growth options to offer the best possible experience for our loyal clients, ensure our strong brand reaches the widest possible base of consumers in Egypt and the MENA region, and maximize value for our shareholders,\u201d CEO Ahmed Auf told Enterprise in a statement. \u201cThe company intends to maintain its policy of not commenting on market rumors or speculation and will disclose any relevant corporate action as and when necessary.\u201d<\/p>\n

And IPO plans aren\u2019t set in stone: <\/strong>Abu Auf\u2019s IPO plans are one of \u201ca number of value creation alternatives\u201d under study, none of which has reached an advanced stage, Auf said, adding that he could not comment on the timing of any potential listing as board-level discussions are ongoing.<\/p>\n","protected":false},"excerpt":{"rendered":"

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, and Alexandria Container & Cargo […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[1709,298,581,68,72,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545860","post","type-post","status-publish","format-standard","hentry","category-ma-watch","tag-abu-auf","tag-abu-dhabi","tag-adx","tag-egx","tag-enterpriseam","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"79939fba-71a7-4429-bbfc-eb8dd4d6a2b1","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[545852],"teaser":"","voice_url":""},"yoast_head":"\nAbu Dhabi sovereign fund confirms blockbuster EGX stake buys + Could Abu Auf be next in line for ADX investment? 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