EFG Hermes completes advisory on Egypt’s Abu Qir Fertilizers $143 million offering

Egyptian investment bank EFG Hermes announced on Thursday that it had completed advisory on Abu Qir Fertilizers’ $143 million secondary offering on the Egyptian exchange (EGX).

The offering is 100 percent secondary, in which state-run Abu Qir Fertilizers listing 126.6 million shares – representing around 10 percent of its share capital, at a price of 17.8 Egyptian pounds ($1.13) per share with a high-quality order book dominated by regional, international, and local institutional investors.

This is the second state-run company to sell shares on the EGX during 2021.

The company is one of the largest producers of nitrogen fertilizers in Egypt and the Middle East, by production capacity at around 2.3 million tonnes a year.