Cairo – Mubasher: Egyptian Financial and Industrial (EFIC) on Sunday confirmed it had no direct ties or exposure to Dubai-based Abraaj Group, but noted that one of its subsidiaries was linked to the ailing investment company.
EFIC revealed that its subsidiary, the Suez Company for Fertilizer Production received ammonia to produce its ammonia sulfate from Abraaj Capital’s subsidiary Egyptian Fertilizer Co.
If the Suez Company for Fertilizer Production stopped purchasing raw ammonia from the Abraaj subsidiary, it would no longer be exposed to the lawsuit-embroiled firm, EFIC revealed in a statement to the Egyptian Exchange (EGX).
The statement follows several companies’ announcements of exposure to Abraaj, or lack of it, after the Middle East’s largest investment firm underwent money misuse allegations at its $1 billion healthcare fund.
Since the allegations came to light, Abraaj has been ordered to undergo a court-supervised restructuring and a liquidation.
