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Egyptian billionaire Nassef Sawiris’ Fertiglobe records growth in Q1 2021, eyes Abu Dhabi listing

The company has announced a potential move to list on the Abu Dhabi Stock Exchange.

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Egyptian billionaire Nassef Sawiris.

Egyptian billionaire Nassef Sawiris’ Fertiglobe has announced a potential move to list on the Abu Dhabi Stock Exchange. The company reiterated on May 5 that it has started preparations for an IPO in Abu Dhabi, subject to market conditions. The latest business update appeared in Fertiglobe’s report for Q1 2021. 

As of April 12, Reuters reported that Fertiglobe selected First Abu Dhabi Bank, HSBC and Citigroup to work on the IPO.

Sawiris’ OCI N.V. controls a 58-percent stake in the fertilizer producer, while the Abu Dhabi National Oil Company (ADNOC) holds a 42-percent share. Sawiris is Fertiglobe’s CEO and Sultan Ahmed Al Jaber serves as the company’s chairman. 

Sawiris currently ranks as Africa’s second richest man on Forbes 2021 billionaire list behind Nigeria’s Aliko Dangote. 

Q1 report

According to its Q1 2021 report, the company has recorded significant growth so far this year compared to 2020. Revenues rose 38 percent to $1.12 billion, and adjusted EBITDA* increased 134 percent to a record $452 million for the quarter compared to the same period last year.

Fertiglobe’s adjusted net profit in the quarter was $94 million compared to an adjusted net loss of $82 million in Q1 2020. The report indicated the company’s net debt is $3.4 billion as of March 31, down $306 million from Dec. 31, 2020.

The Abu Dhabi-based fertilizer giant was formed in 2019 after OCI and ADNOC combined their ammonia and urea assets.

Fartiglobe stated that it is the largest global exporter of nitrogen fertilizer and the largest nitrogen producer in the Middle East and North Africa. Its combined production capacity is 6.5 million tonnes of urea and merchant ammonia at its four subsidiaries in Egypt, the United Arab Emirates and Algeria.

*EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization

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Abu Dhabi-based Chimera acquires controlling stake in financial services provider linked to Egypt’s richest family

It is unclear how much of the 59.22 percent stake held by Orascom Financial Holding, a firm led by the billionaire Sawiris family, was acquired during the transaction.

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Egyptian billionaire Naguib Sawiris

Chimera Investment, an Abu Dhabi-based firm led by Pakistani businessman Syed Basar Shueb, has announced the purchase of a majority stake in Beltone Financial Holding SAE, a Cairo-based financial services firm partially owned by Egypt’s richest family, the Sawiris.

According to a press release issued by the Abu Dhabi-based firm, a total of 55.9 percent of Beltone’s shareholding was acquired at a price of EGP1.485 ($0.0779) per share, bringing the total transaction value to EGP370 million ($19.3 million).

It is unclear how much of the 59.22-percent stake held by Orascom Financial Holding, a firm led by the Egyptian billionaire Sawiris family, was acquired during the share-purchase transaction. However, it is clear that Chimera is now the majority shareholder in Beltone as a result of the recent deal.

Syed Basar Shueb, chairman of Chimera Investment, commented on the transaction, stating that it aligns with Chimera’s broader strategy of long-term value creation investments and expands the company’s presence in regional economies.

He went on to state that, in the coming months, the Abu Dhabi-based firm will look to unlock value and implement an all-encompassing transformation plan aimed at restoring Beltone’s growth and profitability.

In addition to the transaction, Dalia Khorshid, the chairwoman and CEO of MASAR Financial Advisory, a regional financial advisory firm, was appointed as the new CEO of Beltone, as the Egyptian firm enters a new phase of growth under new management.

“I am honored by the opportunity to lead Beltone’s strategic transformation plan,” Khorshid said in response to her recent appointment as CEO. “I am confident that we will restructure and grow this institution to become a major market leader in the region and a solid platform for attracting international investments into our host markets.”

Beltone, a financial services provider in Egypt and the Middle East and North Africa, was founded in 2006 to provide brokerage, investment banking, asset management, equity research, and a variety of non-banking financial services like leasing, consumer finance, and venture capital platforms.

In a $1.3-million deal nearly a year ago, Orascom Financial Holding, led by Egypt’s Sawiris family, reduced its stake in Beltone to 59.22 from 61.24 percent.

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Tycoon Anas Sefrioui loses $111 million from stake in Moroccan property developer

The market value of Sefrioui’s 64.1-percent stake has now dropped to $189.43.

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Real estate tycoon Anas Sefrioui.

Moroccan businessmen have seen their net worth plummet by millions of dollars in recent weeks, owing to a market-wide sell-off that has reduced the value of their shareholdings and investments in companies listed on the country’s stock exchange.

Anas Sefrioui, a Moroccan real estate tycoon who founded the country’s largest property developer, Douja Promotion Groupe Addoha (ADH), ranks among those businessmen in Morocco whose net worth has declined significantly in recent years. In the past six months, the market value of his shareholding in the property developer has dropped by more than $111 million.

ADH manages several real estate programs and investments in North Africa under the leadership of Sefrioui, who owns 64.1 percent of the company, or 258,066,665 shares.

On Monday, shares in the real estate firm were trading at MAD7.56 ($0.734) on the Casablanca bourse. This is 53 basis points lower than their opening price on the Casablanca bourse, as the market is rocked by a massive sell-off, with foreign portfolio investments dwindling as international investors exit.

ADH shares on the local bourse have dropped from MAD12 ($1.165) on Feb. 10, nearly six months ago, to MAD7.56 ($0.734) at the time of writing this report, resulting in a 37-percent loss for shareholders.

The market value of Sefrioui’s 64.1-percent stake has dropped from MAD3.1 billion ($300.7 million) on Feb. 10 to MAD1.95 billion ($189.43 million) at the time of writing this report.

This equates to a loss of MAD1.14 billion ($111.2 million) for the Moroccan businessman in the past six months. Despite a multimillion-dollar drop in the market value of his shareholding in ADH, Sefrioui remains one of the wealthiest investors on the Casablanca bourse.

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Egyptian mogul Hendi El-Sherbini acquires additional $3.2 million in IDH shares

Her stake in the company has now risen from 25.5 to 26.1 percent.

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Egyptian businesswoman Hendi El-Sherbini.

Egyptian businesswoman Hendi El-Sherbini has acquired a $3.2-million stake in Integrated Diagnostics Holdings (IDH) as part of her ongoing investment in the Egyptian healthcare services provider.

The 3.6 million shares were purchased on the London Stock Exchange on Wed., Aug. 3, at a price of $0.90 through El-Sherbini’s investment vehicle, Hena Holdings.

The 3.6 million shares are equivalent to a 0.6-percent stake in the healthcare services provider.

The transaction has increased her stake in the company from 25.5 to 26.1 percent at the time of writing this report.

Under the leadership of El-Sherbini, its CEO, IDH has grown into a major consumer healthcare group in the Middle East and Africa, with operations in Egypt, Jordan, Sudan, and Nigeria.

With 483 labs spread across four countries, the group is Egypt’s largest diagnostic service provider, offering more than 1,400 international-standard diagnostic tests.

El-Sherbini’s recent share purchase solidifies her position as IDH’s largest shareholder.

According to data obtained from the London Stock Exchange, the market value of her shareholding is presently $257 million, making her one of Egypt’s wealthiest investors.

The businesswoman received a EGP331.97-million ($17.9 million) dividend from her stake earlier this year after IDH reported its highest-ever net profit at the end of 2021.

The $17.9-million dividend was paid from the group’s profit of EGP1.49 billion ($80.2 million) at the end of its 2021 fiscal year.

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