{"id":553600,"date":"2021-12-09T03:42:11","date_gmt":"2021-12-09T03:42:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/abu-qir-to-sell-up-to-10-stake-in-secondary-offering\/"},"modified":"2021-12-09T03:42:11","modified_gmt":"2021-12-09T03:42:11","slug":"abu-qir-to-sell-up-to-10-stake-in-secondary-offering","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/abu-qir-to-sell-up-to-10-stake-in-secondary-offering\/","title":{"rendered":"Abu Qir to sell up to 10% stake in secondary offering"},"content":{"rendered":"

<\/a> Abu Qir Fertilizers<\/strong> will sell up to 10% of its shares in a secondary offering on the <\/strong>EGX<\/strong>, the company announced in a bourse disclosure (pdf)<\/a> yesterday. 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 Chemical Industries Holding Company \u2014 an Abu Qir shareholder \u2014 told us last week<\/a> that the transaction could close before the end of the year, with a virtual roadshow targeting potential institutional investors currently underway. Mostafa also confirmed earlier this week<\/a> that this plan hasn\u2019t been affected by the emergence of Omicron.<\/sup><\/p>\n

We now know who\u2019s marketing the shares: <\/strong>The state-owned company has appointed EFG Hermes, CI Capital, Renaissance Capital, and Al Ahly Pharos to underwrite the transaction, according to the disclosure. Several of the investment banks<\/sup> we contacted yesterday declined to comment on where they\u2019re promoting the sale and would not provide any color on the transaction.<\/p>\n

Abu Qir\u2019s secondary offering will come as part of this year\u2019s revival of the state privatization program<\/strong>, starting with e-Finance, which completed the EGX\u2019s biggest IPO in years in October<\/a>, raising some USD 370 mn. Football club Ghazl El Mahalla is also set to make its debut on the EGX in a \u201cmicro-IPO\u201d in two weeks<\/a>.<\/p>\n

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

Abu Qir\u2019s earnings have been consistently strong recently.<\/strong> The company reported a 30% rise<\/a> in net income during FY2020-2021, and saw its quarterly earnings almost double to EGP 1.3 bn in 1Q2021-2022, which it attributed to higher international prices and strong demand.<\/p>\n","protected":false},"excerpt":{"rendered":"

Abu Qir Fertilizers will sell up to 10% of its shares in a secondary offering on the EGX, the company announced in a bourse disclosure (pdf) yesterday. 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 Chemical Industries Holding Company \u2014 […]<\/p>\n","protected":false},"author":1,"featured_media":553601,"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":[548,813,136,84,68,72,99,81,1982,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-abu-qir-fertilizers","tag-al-ahly-pharos","tag-ci-capital","tag-efg-hermes","tag-egx","tag-enterpriseam","tag-fertilizers","tag-privatization-watch","tag-renaissance-capital","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"e0a698a1-4247-41b1-b7bc-b079de166868","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/272.jpg","photo_position":"above","related_issue":[553593],"teaser":"","voice_url":""},"yoast_head":"\nAbu Qir to sell up to 10% stake in secondary offering - 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\/09\/abu-qir-to-sell-up-to-10-stake-in-secondary-offering\/\" \/>\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 up to 10% stake in secondary offering\" \/>\n<meta property=\"og:description\" content=\"Abu Qir Fertilizers will sell up to 10% of its shares in a secondary offering on the EGX, the company announced in a bourse disclosure (pdf) yesterday. 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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\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\/207.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":553600,"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. The virtual roadshow drumming up interest from potential institutional\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\/230.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555596,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/will-abu-qir-fertilizers-be-next-in-the-revived-state-privatization-program\/","url_meta":{"origin":553600,"position":2},"title":"Will Abu Qir Fertilizers be next in the (revived) state privatization program?","author":"enterpriseam admin","date":"21 November 2021","format":false,"excerpt":"The long-awaited sale of an additional stake by EGX-listed Abu Qir Fertilizers will go ahead within the next month, Public Enterprises Minister Hisham Tawfik told Reuters on Thursday. 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":585929,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/02\/secondary-stake-sales-for-abu-qir-sidpec\/","url_meta":{"origin":553600,"position":3},"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":553863,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-qir-raises-egp-2-25-bn-in-secondary-offering\/","url_meta":{"origin":553600,"position":4},"title":"Abu Qir raises EGP 2.25 bn in secondary offering","author":"enterpriseam admin","date":"12 December 2021","format":false,"excerpt":"Abu Qir Fertilizers completed the sale of 10% of its shares for EGP 2.25 bn (c. USD 143 mn), according to a statement published on the bourse (pdf) on Thursday. The company\u2019s long-awaited secondary offering on the EGX was priced at EGP 17.80 per share, valuing Abu Qir at EGP\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\/292.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":553600,"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\/553600","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=553600"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553600\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/553593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/553601"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553600"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553600"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}