ADQ speaks on EGX acquisitions: Abu Dhabi wealth fund ADQ has confirmed its acquisition of stakes in five EGX-listed companies this week, saying in a statement yesterday that the move reflects its “continued confidence in Egypt’s strong economic potential.” The fund acquired shares in CIB, Fawry, Abu Qir Fertilizers, Mopco, and Alexandria Container & Cargo Handling for around USD 1.8 bn as part of an agreement reached last month to provide Egypt with emergency liquidity in response to the fallout from the Ukraine conflict.

ADVISORY- Matouk Bassiouny & Hennawy acted as legal counsel to ADQ in the transaction, the law firm said (pdf) yesterday.

WATCH THIS SPACE- Is Abu Auf next in line? Agthia, the ADQ food subsidiary that acquired Ismailia, is in talks with Abu Auf’s parent company AUF on a potential stake sale, Al Borsa reports, citing unnamed sources. The potential transaction is connected with AUF’s plans to list as much as 49% of its shares on the EGX — which we had been expecting sometime this quarter — in an IPO quarterbacked by EFG Hermes, the newspaper claims. We know that ADQ is also targeting unlisted firms as part of its USD 2 bn investment push. Agthia in early March reiterated that it is pursuing further acquisitions in Egypt’s frozen meat and fast food industries.

Our friends at Abu Auf are tight-lipped: “The company is continuously studying growth options to offer the best possible experience for our loyal clients, ensure our strong brand reaches the widest possible base of consumers in Egypt and the MENA region, and maximize value for our shareholders,” CEO Ahmed Auf told Enterprise in a statement. “The company intends to maintain its policy of not commenting on market rumors or speculation and will disclose any relevant corporate action as and when necessary.”

And IPO plans aren’t set in stone: Abu Auf’s IPO plans are one of “a number of value creation alternatives” under study, none of which has reached an advanced stage, Auf said, adding that he could not comment on the timing of any potential listing as board-level discussions are ongoing.