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ADQ has bought several shares in the International Commercial Bank (CIB), Fawry, Alexandria Container, and Cargo Handling Company, Misr Fertilizers Production Company (MOPCO), and Abu Qir Fertilizers.
The Abu Dhabi Developmental Holding Company (ADQ), or Abu Dhabi wealth fund, recently bought large stakes in five Egyptian companies at a value of US$1.8 billion. The purchases were made under a block trading transaction; a high-volume transaction that allows the broker-dealers to purchase shares for several institutional clients to fill the full size of the acquisition deal.
This was revealed by the Egyptian Exchange (EGX). It said that ADQ has bought several shares in the International Commercial Bank (CIB), Fawry, Alexandria Container, Cargo Handling Company, Misr Fertilizers Production Company (MOPCO), and Abu Qir Fertilizers.
Recently, ADQ announced its intention to invest up to US$2 billion in the Egyptian market by purchasing state-owned stakes in a number of companies. There were reports last month that the Egyptian state agreed to sell some of its holdings in five EGX-listed companies as part of a strategy to boost finances to insulate the economy from the impact of the ongoing Russia and Ukraine war.
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ADQ bought 340,096,235 shares of CIB at a total value of around US$911.4 million, 215,124,316 shares of Fawry at a total value of US$68.5 million as well as the subscription rights for 201,603,746 with a value of US$54.8 million.
ADQ acquired 476,721,088 shares of Alexandria Container and Cargo Handling Company with a total value of US$168 million. It also invested in 45,823,446 shares of Misr Fertilizers Production Company (MOPCO) worth US$266.5 million, and 271,573,655 shares of Abu Qir Fertilizers (ABUK.CA) for $391.9 million.
ADQ opened its office in Egypt in December 2021 and has been aggressive in the acquisition of shares. It has also acquired shares of a few real estate companies.
