Egypt Kuwait Holding Company has announced the signing of a non-binding contract with a Kuwaiti company and its fund to acquire their 9.45% shareholding stake in Bawabet Al Kuwait. In a statement provided to the Egyptian Exchange, the company revealed that the total value of the transaction amounts to KD 14.65 million (USD 47.5 million).
Upon completion of the transaction, the shareholding of Egypt Kuwait Holding in Bawabet Al Kuwait Holding will increase from 84.89% to 94.34%. It should be noted that Bawabet Al Kuwait Holding currently holds a 59.82% stake in Alexandria Fertilizers Company. Following the execution of the purchase transaction, the direct and indirect shareholding of Egypt Kuwait Holding in the capital of Alexandria Fertilizers will increase from 69.48% to 75.13%. This strategic move further solidifies Egypt Kuwait Holding's position in the market.