{"id":553405,"date":"2021-12-02T03:58:16","date_gmt":"2021-12-02T03:58:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/02\/abu-qir-to-sell-10-15-secondary-stake-on-egx-this-month\/"},"modified":"2021-12-02T03:58:16","modified_gmt":"2021-12-02T03:58:16","slug":"abu-qir-to-sell-10-15-secondary-stake-on-egx-this-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/02\/abu-qir-to-sell-10-15-secondary-stake-on-egx-this-month\/","title":{"rendered":"Abu Qir to sell 10-15% secondary stake on EGX this month"},"content":{"rendered":"

<\/a> Abu Qir Fertilizers will sell an additional 10-15% of the company in a <\/strong>secondary offering on the <\/strong>EGX later this month<\/strong>, Enterprise has learned. Emad El Din Mostafa, head of Chemical Industries Holding Company, told us yesterday that a virtual roadshow targeting potential institutional investors is now underway and the transaction should close before the end of the year, confirming a timeline first disclosed<\/a> by Public Enterprises Minister Hisham Tawfik last month.<\/p>\n

The offering price hasn\u2019t been determined yet<\/strong>: The price will be \u00b110% of the average share price during the 90 days prior to the sale, Mostafa said.<\/p>\n

Years in the making:<\/strong> Abu Qir has pushed back the secondary stake sale several times since being announced in 2018, with the state\u2019s privatization program suffering delays thanks largely to global market turmoil<\/a> and then the pandemic.<\/p>\n

Riding the e-Finance wave:<\/strong> Abu Qir would be the second state-owned company to tap the EGX this year, following in the footsteps of e-Finance, which completed the EGX\u2019s biggest IPO in years in October<\/a>, raising some USD 370 mn.<\/p>\n

It\u2019s not a bad time to be in the Egyptian fertilizer business:<\/strong> International fertilizer prices have been on a tear this year due to a combination of supply shortages, surging demand, and spiking energy costs. Where companies in other parts of the world are suffering through the energy crisis, Egyptian producers have been shielded due to the government\u2019s price cap, which has helped Abu Qir capitalize on the high-price environment. The company reported a 30% rise in net income<\/a> during FY 2020-2021, and saw its quarterly earnings almost double to EGP 1.3 bn<\/a> in 1Q 2021-2022, which it attributed to higher international prices and strong demand.<\/p>\n

We can expect more of the same in the coming months:<\/strong> The government last month allowed companies to hike their prices of subsidized fertilizer<\/a> by 50% to EGP 4.5k per ton. This will help offset the higher natural gas prices, which were recently hiked<\/a> by 28% by the government.<\/p>\n

The impressive earnings haven\u2019t been reflected in the company\u2019s share price<\/strong>, which is down more than 9% year-to-date, closing yesterday\u2019s session at EGP 18.8.<\/p>\n

Abu Qir\u2019s offering should kickstart more <\/strong>sales<\/strong> of stakes in other state companies as part of the resurrected state privatization program, Public Enterprises Minister Hisham Tawfik told Reuters<\/a> last month, adding that four companies are expected to tap the local stock market in the first half of 2022.<\/p>\n

e-Finance was the first of five state-owned companies that could <\/strong>tap the bourse<\/a><\/strong> before the end of the current fiscal year in June.<\/strong> Candidates<\/a> for IPO include Ghazl El Mahalla football club (a small sale appealing to retail investors, but proof of concept for giant Al Ahly, which could follow) and Banque du Caire (a potential blockbuster with wide appeal). Alexandria Containers and Sidi Kerir Petrochemicals could also be in line for secondary sales.<\/p>\n","protected":false},"excerpt":{"rendered":"

Abu Qir Fertilizers will sell an additional 10-15% of the company in a secondary offering on the EGX later this month, Enterprise has learned. Emad El Din Mostafa, head of Chemical Industries Holding Company, told us yesterday that a virtual roadshow targeting potential institutional investors is now underway and the transaction should close before the […]<\/p>\n","protected":false},"author":1,"featured_media":553406,"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":[7321],"tags":[548,68,72,99,78,81,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-abu-qir-fertilizers","tag-egx","tag-enterpriseam","tag-fertilizers","tag-ipo-watch","tag-privatization-watch","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"a194c9ca-3c90-49df-aab4-edc1eb608d7b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/207.jpg","photo_position":"above","related_issue":[553401],"teaser":"","voice_url":""},"yoast_head":"\nAbu Qir to sell 10-15% secondary stake on EGX this month - 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\/2021\/12\/02\/abu-qir-to-sell-10-15-secondary-stake-on-egx-this-month\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Abu Qir to sell 10-15% secondary stake on EGX this month\" \/>\n<meta property=\"og:description\" content=\"Abu Qir Fertilizers will sell an additional 10-15% of the company in a secondary offering on the EGX later this month, Enterprise has learned. 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The state-owned company didn\u2019t give any indication of when the sale might go ahead, but Emad El Din Mostafa, the head of the\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/272.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553484,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/06\/omicron-who\/","url_meta":{"origin":553405,"position":1},"title":"Omicron who?","author":"enterpriseam admin","date":"6 December 2021","format":false,"excerpt":"The spread of the Omicron variant will not delay or otherwise affect Abu Qir Fertilizers\u2019 plans to sell 10-15% of the company in a secondary offering this month, Emad El Din Mostafa, head of Chemical Industries Holding Company, told Enterprise yesterday. 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Sales of stakes in other state companies as part of the resurrected state privatization program would then follow, with four companies expected\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/519.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":603450,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/23\/heliopolis-housing-out-of-first-wave-of-stake-sales-no-stake-sales-during-summer\/","url_meta":{"origin":553405,"position":3},"title":"Heliopolis Housing out of first wave of stake sales; no stake sales during summer","author":"enterpriseam admin","date":"23 April 2019","format":false,"excerpt":"EXCLUSIVE- Heliopolis Housing dropped from first wave of state privatization program: Heliopolis Company for Housing and Development has been dropped from the lineup of companies included in the first wave of the state privatization program, Public Enterprises Minister Hisham Tawfik tells Enterprise. This leaves Abu Qir Fertilizers and Alexandria Containers\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/4\/Egypt-state-privatization-program-IPOs.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585929,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/02\/secondary-stake-sales-for-abu-qir-sidpec\/","url_meta":{"origin":553405,"position":4},"title":"Secondary stake sales for Abu Qir, Sidpec?","author":"enterpriseam admin","date":"2 May 2023","format":false,"excerpt":"Both companies have already seen interest from Gulf investors","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/87.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598741,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/03\/abu-qir-to-sell-stake-after-eid-as-part-of-egypts-privatization-program\/","url_meta":{"origin":553405,"position":5},"title":"Abu Qir to sell stake after Eid as part of Egypt\u2019s privatization program","author":"enterpriseam admin","date":"3 June 2019","format":false,"excerpt":"Abu Qir stake sale to take place after Eid El Fitr: The government could sell as much as 20% of Abu Qir Fertilizers via an accelerated book build on the EGX shortly after the Eid El Fitr break, Al Mal reports, citing unnamed sources. The final decision of the exact\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/259.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\/553405","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=553405"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553405\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/553401"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/553406"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553405"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553405"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}