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Thndr Claps » EGY Claps » EGX 🔔 » ADQ Holding could inject a couple more billion dollars into Egypt🤑

ADQ Holding could inject a couple more billion dollars into Egypt🤑

by Shams Abbas
March 21, 2022

The Clap
ADQ Holding agreed with Egypt to invest about $2 billion by buying state-held stakes in some companies, according to Bloomberg.

The deets
About $1 billion would go into acquiring an 18% stake in the CIB (COMI), while the other $1 billion would be invested in four other public companies, including Fawry (FWRY).

Why this matters
Following yesterday’s currency devaluation, Egypt could use this type of investment. ADQ was recently part of a consortium that acquired a majority stake in SODIC (OCDI).

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