The government is going to do a new valuation on Abu Qir Fertilizers as it prepares a new timeline for a secondary offering of the company’s shares, Al Mal reports, citing what it says are unnamed sources in the know. A new valuation is necessary after the pandemic and ensuing capital market sell-off. It’s not clear how long the process will take, or when the government committee managing the privatization program expects to kick off the roadshow for the sale. Renaissance Capital’s head of MENA research Ahmed Hafez previously told us Abu Qir could be brought to market if there’s a strong rally in commodity prices, and markets are now awash with talk of a commodities supercycle.

Advisors: Renaissance Capital and CI Capital were tapped to lead the transaction. White and Case and Shalakany Law Office are providing counsel.

Background: The offering, which was supposed to go to market in 2019, would have seen the government sell as much as 20% of the company via an accelerated book build on the EGX. The final decision remains unconfirmed. The sale was put on hold at the end of 2019, and then again last year because of the pandemic. This listing gets an Enterprise Realness Rating of 4.