Cairo – Mubasher: Egyptian Financial and Industrial (EFIC) said it expects the reference value of Suez Company for Fertilizer Production to exceed EGP 1 billion.
EFIC will either float 40% of Suez Fertilizer Co. on the Egyptian Exchange (EGX) or sell it to strategic investor, said a bourse filling.
Suez Company for Fertilizer Production is 99.87% owned by EFIC.
Earlier, the company’s board approved to mandate independent financial advisor to start the procedures of reevaluating Suez Fertilizer Co.
Lately, EFIC raised the capital of Suez Fertilizer Co. from EGP 300 million to EGP 600 million.
