{"id":553863,"date":"2021-12-12T04:00:59","date_gmt":"2021-12-12T04:00:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-qir-raises-egp-2-25-bn-in-secondary-offering\/"},"modified":"2021-12-12T04:00:59","modified_gmt":"2021-12-12T04:00:59","slug":"abu-qir-raises-egp-2-25-bn-in-secondary-offering","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-qir-raises-egp-2-25-bn-in-secondary-offering\/","title":{"rendered":"Abu Qir raises EGP 2.25 bn in secondary offering"},"content":{"rendered":"

<\/a> Abu Qir Fertilizers completed the sale of 10% of its shares for EGP 2.25 bn (c. <\/strong>USD 143 mn)<\/strong>, according to a statement published on the bourse (pdf)<\/a> on Thursday. The company\u2019s long-awaited secondary offering<\/a> on the EGX was priced at EGP 17.80 per share, valuing Abu Qir at EGP 22.47 bn.<\/p>\n

Abu Qir\u2019s stock price surged on news of the sale<\/strong>, rising by the maximum 20% during a single trading session on Thursday to close at EGP 22.11. The company is now the second-biggest listed company by market cap, valued at EGP 27.9 bn.<\/p>\n

Who sold? The National Investment Bank<\/strong>, the largest shareholder, reduced its stake from 24.9% to 21.5%, selling 42.4 mn shares (disclosure, pdf<\/a>). The Industrial Development Authority\u2019s <\/strong>stake went down from 12.7% to 10.1%, after it sold 32.7 mn shares (disclosure, pdf<\/a>), Al Ahly Capital Holding\u2019s<\/strong> shares went from 7.2% to 4.2%, after it sold 37.9 mn shares (disclosure \u2014 pdf<\/a>), and the Chemical Industries Holding Company<\/strong> sold down its stake in the company to 5.5% from 6.5%, selling 13.2 mn shares (disclosure, pdf<\/a>).<\/p>\n

Who bought? <\/strong>Local institutional players as well as regional and international frontier emerging markets specialists, joint financial advisor and bookrunner on the issuance Renaissance Capital said in a statement.<\/p>\n

Solid earnings: <\/strong>Abu Qir 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

More to come:<\/strong> State-owned Ghazl El Mahalla FC is also set to become the first publicly-traded Egyptian football club on the EGX in a \u201cmicro-IPO\u201d within two weeks<\/a>, according to Public Enterprises Minister Hisham Tawfik. The club expects to raise EGP 135 mn from the sale, which will see it list up to two-thirds of its shares on the bourse.<\/p>\n

BACKGROUND: <\/strong>Abu Qir had pushed back<\/a> the secondary stake sale several times since first announcing it in 2018. The offering suggests the long-dormant state privatization program is in full swing after state-owned E-Finance concluded one of the EGX\u2019s biggest IPOs in years in October.<\/p>\n

ADVISORS:<\/strong> EFG Hermes, CI Capital, Al Ahly Pharos and Renaissance Capital acted as joint financial advisors and bookrunners on behalf of Abu Qir\u2019s selling shareholders, with NI Capital acting as program consultant.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 22.47 bn. Abu Qir\u2019s stock […]<\/p>\n","protected":false},"author":1,"featured_media":553864,"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":[548,1935,813,2219,136,339,84,68,72,9093,289,78,585,81,1982,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-abu-qir-fertilizers","tag-al-ahly-capital-holding","tag-al-ahly-pharos","tag-chemical-industries-holding-company","tag-ci-capital","tag-e-finance","tag-efg-hermes","tag-egx","tag-enterpriseam","tag-ghazl-el-mahalla","tag-industrial-development-authority","tag-ipo-watch","tag-national-investment-bank","tag-privatization-watch","tag-renaissance-capital","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"352cb619-1060-47c5-8a48-c0f5d2e91ca3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/292.jpg","photo_position":"above","related_issue":[553855],"teaser":"","voice_url":""},"yoast_head":"\nAbu Qir raises EGP 2.25 bn 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\/12\/abu-qir-raises-egp-2-25-bn-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 raises EGP 2.25 bn in secondary offering\" \/>\n<meta property=\"og:description\" content=\"Abu Qir Fertilizers completed the sale of 10% of its shares for EGP 2.25 bn (c. 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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":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":553863,"position":1},"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":[]},{"id":553405,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/02\/abu-qir-to-sell-10-15-secondary-stake-on-egx-this-month\/","url_meta":{"origin":553863,"position":2},"title":"Abu Qir to sell 10-15% secondary stake on EGX this month","author":"enterpriseam admin","date":"2 December 2021","format":false,"excerpt":"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\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":585929,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/02\/secondary-stake-sales-for-abu-qir-sidpec\/","url_meta":{"origin":553863,"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":625640,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/12\/eastern-co-to-be-first-share-sale-in-priv-program-to-be-managed-by-private-sector\/","url_meta":{"origin":553863,"position":4},"title":"Eastern Co to be first share sale in priv. program to be managed by private sector","author":"enterpriseam admin","date":"12 August 2018","format":false,"excerpt":"Eastern Company to be the first share sale in privatization program to be managed by private sector banks: It looks like the Eastern Company is the first company of the state privatization program to officially confirm that its share sale will be managed by a private sector bank. The company,\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553484,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/06\/omicron-who\/","url_meta":{"origin":553863,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553863","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=553863"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553863\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/553855"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/553864"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553863"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553863"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}