The Saudi Egyptian Investment Company, a subsidiary of the Saudi Public Investment Fund, has announced its decision to buy 25 percent of the shares of the Misr Fertilizer Production Company (MOPCO).
The Saudi Egyptian Investment Company, a subsidiary of the Saudi Public Investment Fund, has announced its decision to buy 25 percent of the shares of the Misr Fertilizer Production Company (MOPCO). According to reports, the shares will be bought at a premium price of 25 percent over the stock price on the stock exchange. The contracts are expected to be signed soon to facilitate the Saudi sovereign fund to buy stakes owned by the Ministry of Finance, the National Investment Bank, Gasco and Misr Life Insurance in the company.
Abu Dhabi Holding also acquired a 20 percent stake in MOPCO, for $266.5 million last April. It has been reported that the company is interested to acquire an additional stake of about 10 to 15 percent in the Misr Fertilizer Production Company – MOPCO.
MOPCO was established in 1998 and is owned by the Egyptian government. The company specializes in the production of fertilizers, ammonia and nitrogen. It is one of the leading exporters of urea in Egypt, producing about two million tons annually, Its export markets include Europe, Latin America, Asia and Africa.
The company announced profits of LE 2.08 billion in the first quarter of 2022, compared to LE 792.7 million a year earlier.
The revenues also shot up by 111.5 percent during the same period to LE 4.21 billion.
Also read;
https://trendsnafrica.com/egypts-trade-deficit-declines/
https://trendsnafrica.com/public-sector-investment-is-still-high-in-egypt/
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