By: Mahmoud Salah El Din
Cairo – Mubasher: Misr Fertilisers Production Company (MOPCO) is in the final stages before launching its initial public offering (IPO) on the Egyptian Stock Exchange (EGX), said chairman and managing director Sherif El Qeirsh.
The company submitted the IPO documents to the Egyptian Financial Supervisory Authority (EFSA) on 20 April and is awaiting its approval, the top official told Mubasher in a phone interview, but declined to disclose the size of the IPO or its time frame.
Earlier on Sunday, President Abdel Fattah El-Sisi inaugurated MOPCO's plant in Damietta at investments reaching $1.9 billion, according to petroleum minister Tarek El Molla.
Before the expansions, MOPCO's production reached 650,000 tonnes of urea per year, the minister noted, adding that combined production of factories 1 and 2 amounts to 1.4 million tonnes per year, bringing the company's total production to over 2 million tonnes annually, representing 30% of Egypt's total production.
The company's exports amount to $300 million annually, the minister revealed.
Translated by: Nada Adel Sobhi
