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Wednesday, 31 August 2016

Pharos, Misr Financial Investments to manage Suez Fertilizer floatation

Pharos to advise on Suez Fertilizer Float: The Egyptian Financial and Industrial Company (EFIC) has tapped Pharos Holding and Misr Financial Investments Company to manage its planned offering of a 40% stake in EFIC subsidiary Suez Fertilizers either through a public offering or private placement, EFIC Chairman Aly El Sayad said. He added that the firm will likely go with the public offering, which according to El Sayad could net proceeds of c. EGP 400 mn, Al Borsa reported on Tuesday. The company will use the proceeds to pay off Suez fertilizers’ debt and to introduce a new product to the market. EFIC had approved doubling Suez Fertilizers’ capital to EGP 600 mn back in June.

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