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OCI and ADNOC considering IPO of Fertiglobe

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As reported by Reuters, Abu Dhabi National Oil Co. (ADNOC) and OCI N.V. (OCI), which is backed by Egyptian businessman Nassef Sawiris, are weighing an initial public offering of their fertilizer joint venture Fertiglobe, two sources familiar with the matter said.

Headquartered in Abu Dhabi, Fertiglobe was formed in 2019 after OCI and ADNOC combined their ammonia and urea assets, with the two companies currently holding ownership stakes of 58% and 42% respectively.

ADNOC and OCI invited international and local banks to pitch for potential roles in Fertiglobe’s public share-sale, said the sources, declining to be named because the matter is not public.

The firms submitted bids last week for the deal, which could raise at least US$1 billion, they said.

The business is expected to be next in line for a listing, after ADNOC completes the IPO of its drilling business, one of the sources said. Both the transactions, should they go ahead, will be subject to market conditions and regulatory approval.

Egyptian billionaire Sawiris, who controls Euronext-listed OCI, is also chief executive of Fertiglobe. Sultan Ahmed Al Jaber, who is chief executive at ADNOC, is chairman of the board at Fertiglobe.

The company describes itself on its website as the largest export-focused nitrogen fertiliser platform globally and the largest nitrogen producer in the Middle East and North Africa region.

It has a combined total production capacity of 6.5 million t of urea and merchant ammonia at four subsidiaries in Egypt, the United Arab Emirates and Algeria, according to the website.

Read the article online at: https://www.worldfertilizer.com/nitrogen/13042021/oci-and-adnoc-considering-ipo-of-fertiglobe/

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