11:21 AM
Tuesday 12 April 2022
The Sovereign Wealth Fund “Holding” (ADQ), owned by the Abu Dhabi government, bought stakes in 5 companies listed on the Egyptian Stock Exchange, with a total value of about $1.88 billion.
The Egyptian Stock Exchange published announcements to dealers about the percentages of shares sold by the five companies, namely Commercial International Bank, Fawry Technology, MOPCO, Abu Qir Fertilizers, and Alexandria Container Handling.
Al-Sharq Bloomberg website stated that the party that bought is the Sovereign Wealth Fund “Holding”, and that the selling party is Al-Ahly Bank and Egypt.
The bourse stated that the Commercial International Bank executed deals through the high-volume deals mechanism on shares with a number of 340,096,135 shares, amounting to $911.45 million.
Fawry Company for Banking Technology and Electronic Payments executed a large-scale deal on subscription rights of 201,603,746 rights, amounting to $54.87.
Fawry also executed a high-volume deal on the company’s shares for 215,124,316 shares, amounting to $68.5 million.
Stock exchange data showed the implementation of a deal on Alexandria for handling large-sized containers on the company’s shares for 476,721,088 shares, at a value of $186 million.
A deal was also executed on the large-sized Abu Qir Fertilizers and Chemical Industries Company shares for 271,573,655 shares, amounting to $391.9 million.
The data showed the implementation of a deal on shares of the Misr Fertilizer Production Company for 45,832.446 shares, amounting to $266.5 million.
And Bloomberg Agency had said last month, quoting sources, that the Abu Dhabi government’s sovereign wealth fund “Holding” (ADQ) intends to buy government stakes in Egyptian companies worth up to two billion dollars, including Commercial International Bank and Fawry, in addition to stakes in Abu Qir. For Fertilizers and Alexandria Container Handling.