Cairo – Mubasher: Al Ahly Pharos Securities Brokerage said that Al Ahly Capital Holding Company has sold its entire stake in Abu Qir Fertilizers.
Accordingly, Al Ahly Capital sold 52.8 million shares, representing 4.18% of its capital in Abu Qir, for EGP 1.53 billion and an average share price of EGP 23.26, according to a bourse disclosure on Thursday.
On 10 August, the Sovereign Fund of Egypt (TSFE) said the Saudi Egyptian Investment Company (SEIC), wholly owned by Saudi’s Public Investment Fund (PIF), took over state-owned minority stakes in four Egyptian companies at a value of $1.300 billion.
The four companies are Abu Qir Fertilizers, Misr Fertilizers Production Company (Mopco), Alexandria Container and Cargo Handling Company, and e-finance For Digital and Financial Investments.
The transaction comes in light of Egypt’s plan to expand ownership base and encourage direct foreign investment.
