The Clap
Abu Dhabi wealth fund ADQ is set to acquire the National Investment Bank’s (NIB) stake of 21.5% in Abu Qir Fertilizers (ABUK).
The Deets
sources confirmed ongoing negotiations between ADQ and the government committee managing Egypt’s privatization program in order to capture NIB’s stake in Abu Qir Fertilizers.
The deal comprises a part of the $2 billion investments that the Emirati fund agreed on injecting into Egypt.
More on NIB
NIB is the largest stakeholder in Abu Qir Fertilizers. The bank reduced its 24.9% stake to 21.5%.
Backstory
Last month ADQ approved injecting a couple of billion dollars of investments in Egypt including an 18% state-held stake in Commercial Investment Bank-CIB (COMI).
