The Clap
Abu Dhabi Holding acquired stakes in five EGX-listed companies through massive
block trade deals that totalled $1.8 billion.
Claps Class
Block trades are bulk-sized trades.
The Deets
The stakes acquired are: 12.6% in Fawry (FWRY), 17% CIB (COMI), 32% Alexandria Container & Cargo Handling (ALCN), 20% MOPCO (MFPC), & 21.5% Abu Qir Fertilizers (ABUK).
The deals saw the companies’ shares sold at a lower price than that of the market, except for Fawry’s.
According to Asharq, the acquired stakes belonged to Banque Misr & the National Bank of Egypt (NBE).
Backstory
Last month, Emirati fund ADQ reportedly decided to inject $2 billion worth of investments into Egypt, including an 18% stake in CIB alongside 4 other market-listed companies. Lately, the company also planned to buy National Investment Bank-NIB’s 21.5% stake in Abu Qir Fertilizers.