The Clap
Egypt Kuwait Holding has purchased an additional 13.2% stake in its subsidiary Bawabet Al Kuwait Holding (BKH), bringing its total stake to 84.7%.
What
BKH specializes in natural gas exploration & the fertilizer industry. The deal cost EKH $66.4 million.
It’s worth noting that BKH owns 59.8% of Alex Fertilizers, which means EKH’s stake in AlexFert also increased, now standing at 69.42%
So What
AlexFert’s profits jumped 139% YoY in 2022 due to higher urea prices & the fact that it exports 70% of its production, two things EKH highlighted in its strong 2022 earnings results.
Now what
EKH had said it plans to invest $170 million in the Egyptian market throughout 2023.
