Abu Dhabi Fund Acquires Shares in 5 EGX-listed Companies worth $1.9 Billion 

The Egyptian Stock Exchange said on Tuesday that acquisition deals were executed through the mechanism of high-volume deals on shares in 5 listed companies with a value of about $1.879 billion.

Earlier, “Bloomberg”, revealed that Abu Dhabi Wealth Fund (ADQ) agreed with Egypt to invest about $2 billion by buying state-owned stakes in some companies, adding that part of the agreement includes the purchase of about 18% of the Commercial International Bank (CIB) Egypt, as well as acquiring stakes in 4 other companies listed on the stock market in Egypt, including Fawry for Banking Services and Payment Technology.

Commercial International Bank (CIB)

According to the data, transactions were executed through the high-volume deals mechanism on 18% or 340.09 million shares of the Commercial International Bank (CIB) shares with a value of of $911.45 million.

Fawry

Two deals were also executed on the shares of Fawry, the first of which is acquiring 201.6 million shares with a value of of $54.87 million, and the second on 215.124 million shares with a value of $68.59 million.

Alexandria Container & Cargo Handling

Meanwhile, a large-volume deal was executed on Alexandria Container & Cargo Handling , acquiring 476.72 million shares with a value of $186.067 million.

Abu Qir Fertilizers and Chemicals Industries Company

Up to 271.57 million shares of Abu Qir Fertilizers and Chemical Industries Company were sold for $391.94 million, while a large-size deal was also executed on shares of Misr Fertilizers Production Company (MOPCO) for 45.823 million shares at $266.553 million.

Last December, the Emirati fund announced the establishment of a new office in Egypt to support ADQ commitment to investing in the country's economic growth.

The opening of the new ADQ office in Cairo supports the strategic investment partnership platform that was established in 2019 between the Holding Company and Egypt’s sovereign fund, with a value of $20 billion, equivalent to 73 billion UAE dirhams.

SODIC

It is noteworthy that the Aldar Real Estate alliance and Gamma Forge Limited announced on December 7, 2021, its acquisition of about 85.52% of the existing capital of Sixth of October Development and Investment "SODIC", after its shareholders approved the compulsory purchase offer submitted by the alliance.

The alliance, which is 70% owned by Aldar Properties, a leading real estate developer and management company, and 30% by ADQ, said that it will focus on identifying potential growth opportunities and directing the company's long-term strategy.

Amoun Pharmaceutical Industries

In March 2021, ADQ announced the signing of a final agreement to acquire the Egyptian company, Amoun Pharmaceutical Industries, which is specialized in the manufacture, distribution and export of branded human and veterinary medicines.