HomeBanking & FinanceADQ acquires stakes in 5 Egyptian companies for $1.82 billion
By Economy Middle East
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April 13, 2022 5:05 am

ADQ acquires stakes in 5 Egyptian companies for $1.82 billion

Stake acquisition of the Commercial International Bank for $911.4 million
القابضة
Abu Dhabi city skyline at twilight, United Arab Emirates.

Abu Dhabi state holding firm ADQ bought stakes in five companies listed on the Egyptian Stock Exchange (EGX) for a total of $1.82 billion.

Last month, ADQ invested $2 billion to acquire stakes in some state-owned Egyptian businesses as part of a two-billion-dollar investment deal between the UAE and Egypt to help the Egyptian economy recover from the repercussions of the Russian-Ukrainian war.

EGX’s management said that the agreements were implemented through the mechanism of high-volume operations on the shares of some companies, for a total value of two billion dollars.

According to local sources citing EGX, state-owned “Banque Misr” and the National Bank of Egypt (NBE) have sold shares in the companies to ADQ.

The deals included acquiring stakes in “Abu Qir Fertilizers” companies ($391.9 million), Misr Fertilizers Production Company ($266.6 million), Alexandria Container & Cargo Handling Company ($186 million), Commercial International Bank ($911.4 million), and “Fawry” for Banking Technology and Electronic Payments ($68.6 million).

According to a “Fawry” statement, NBE raised its stake in the company to 12.54 percent from 6.54 percent a few days ago.

According to a bourse filing, NBE has purchased 102.51 million shares in “Fawry” in exchange for 1.05 billion Egyptian pounds.